Outgoing CB Governor calls for collective action to overcome economic challenges
Prof W.D. Lakshman
Outgoing Central Bank Governor Prof. W.D. Lakshman on Friday called upon all frontline decision-makers in the government to make collective contributions to overcome the current economic challenges during this difficult period.
Sri Lanka is still grappling as a developing country for many decades and several countries which were behind the island have overtaken us, he said adding that there should be unity in all aspects to achieve success.
He said: “Sri Lanka was referred to as a developing country when I was studying and it is still the same”.
Society and party politics does not have any systems. There is no agreement of a strict policy, he observed pointing out he realised this reality during his less than two year tenure as the 15th Governor of the Central Bank.
Delivering his farewell speech via online at a virtual media conference convened on Friday, Prof. Lakshman announced his retirement from September 14 onwards after what he said was service with dedication and commitment during the COVID-19 difficult period. Former Central Bank Governor Ajith Nivard Cabraal is to be appointed to the vacancy.
During this critical period, Prof. Lakshman said that the Central Bank had to take crucial decisions even though some of it were unpopular, for the economic stability of the country.
Prof. Lakshman said he was leaving the post from September 14 and the immediate reason for it was some unpleasant situations he had to face during the past couple of weeks, which he declined to elaborate on. He said he had not taken any decision against his principles.
He reminded that he was instrumental in preparing an ‘alternative’ economic policy playing a ‘behind the scenes’ role for the vision for prosperity manifesto of President Gotabaya Rajapaksa.
He was invited to take up the post of Governor by President’s Secretary Dr.P. B Jayasundera which he declined to accept it at that time. However after that he was requested to serve at least a year extending ideological backup for the policy frame work at the Central Bank.
Prof. Lakshman disclosed that he extended his services in accordance with the economic and monetary policy of his belief and learnings although it may not suit some persons.
He said that his ideology was difficult to follow by everyone in the Central Bank and it was not easy to fulfill some of the tasks. However he said that the Central Bank had taught him a great deal about economic theory and practice.