JO express concerns over proposed amendments to Monetary Law Act

The Joint Opposition (JO) today expressed serious concerns over the amendments proposed by the government regarding the Monetary Law Act No 58 of 1949 claiming that some of the proposed amendments were detrimental to the country’s economy if enacted.

Led by Opposition Leader Mahinda Rajapaksa, a group of Parliamentarians attached to the JO at a briefing in Parliament, demanded that the proposed amendments should be subjected to a broader discussion.

The group suggested the discussions should be opened out to include economists and those of the country’s intellectuals before it is submitted to the Parliament.

Soon after a cabinet paper submitted, President Maithripala Sirisena came up with his critical observations and concerns on the proposed amendments. For example, one of the amendments proposed to remove Secretary to the Treasury from the Governing Council of Central Bank of Sri Lank (CBSL).

He also recommended that a team of economic experts from the National Economic Council (NEC) should study the amendments before being sent to the legal draftsman.