New Economic Council appointed to counter economic woes

In a desperate move to counter economic woes, President Gotabaya Rajapaksa has appointed a high powered economic council with the main aim of managing the fiscal and monetary affairs while expediting economic growth, official sources confirmed.

This 9-member council is chaired by the President and comprised Prime Minister Mahinda Rajapaksa, Ministers Bandula Gunawardena, Basil Rajapaksa, Johnston Fernando, Mahindananda Aluthgamage and Ramesh Pathirana, Central Bank (CB) Governor Ajith Nivard Cabraal, Presidential Secretary Gamini Senerath, Treasury Secretary S.R. Atygalle and CB Deputy Governor Dhammika Nanayakkara.

It will meet once in every week to discuss the economic situation and ways and means to counter current fiscal and monetary issues as and when it is necessary, a senior official said.

The new council is empowered to device policies, coordination of implementation and provide advice to ministries, departments, statutory boards and other state institutions in accordance with changes in the global economy. (Bandula)