Advisory Committee proposes a 5-point plan to tackle economic setback

A 5-point proposal has been submitted by the Advisory Committee appointed to assist the National Economic Council to tackle the present foreign exchange crisis as soon as possible, the President’s Media division (PMD) announced short while ago

The Committee has suggested short and long-term initiatives to strengthen macroeconomic management to stabilise the economy and guide it in the right direction.

The advisory committee expressed optimism that the present economic setback can be turned around in the short run by properly managing the challenges facing the country, the PMD said.

The members of the Advisory Committee met President Gotabaya Rajapaksa and members of the National Economic Council for the first time this morning (March 21), and presented their set of proposals.

The proposals submitted by the committee are as follows:

1. The immediate appointment of a Technical Committee consisting of officials representing the Central Bank and the Treasury to recommend international financial assistance.

2. The immediate appointment of a financial adviser and a legal adviser.

3. The Technical Committee should expeditiously come up with a restructuring programme to suggest international financial assistance.

4. Identifying a team of specialists to assist the Minister of Finance. 

5. Focus on building trust by avoiding supply interruptions. (Bandula)