News
Advisory Committee’s proposals to Prez:
Question mark over Monetary Board’s role
By Shamindra Ferdinando
Former Governor of Uva, Southern and Central Provinces Rajith Keerthi Tennakoon yesterday (22) asked what the role of the Monetary Board would be in case the National Economic Council (NEC) headed by President Gotabaya Rajapaksa accepted the set of proposals made by an Advisory Committee especially appointed to strengthen government efforts to overcome the deepening financial crisis.
The Monetary Board comprises Governor of the Central Bank Ajith Nivard Cabraal (ex-officio), Treasury Secretary S. R. Attygalle (ex-officio), Sanjeewa Jayawardena, PC, Dr. Mrs. Ranee Jayamaha and Samantha Kumarasinghe.
Jayamaha, an ex-Deputy Governor of CBSL, and Multichemi International Ltd., Chairman Kumarasinghe joined the Monetary Board in late June 2020 whereas Jayawardena received his appointment in Feb 2020.
Tennakoon told The Island that the President’s Media Division (PMD) hadn’t referred to the five-member Monetary Board at all when issuing statements in Sinhala and English that dealt with five proposals meant to address the issues at hand.
The Advisory Committee handed over its proposals to President Rajapaksa on Monday (22).
The civil society activist who recently received appointment as Executive Director, Sri Lanka Human Rights Centre asked whether the proposals had been made without taking into consideration the functions of the Monetary Board. Ad-hoc mechanisms couldn’t be expected to perform the stipulated functions of the Monetary Board, the CBSL and the Treasury, Tennakoon said.
The NEC comprises President Gotabaya Rajapaksa, Prime Minister Mahinda Rajapaksa, Ministers Dr. Bandula Gunawardane, Basil Rajapaksa, Johnston Fernando, Mahindananda Aluthgamage, Dr. Ramesh Pathirana, Governor of the Central Bank Ajith Nivard Cabraal, Secretary to the President Gamini Senarath, Secretary to the Treasury S.R. Attygalle, and Deputy Governor of the Central Bank Dhammika Nanayakkara.
The Advisory Committee comprised H.D. Karunaratne, Prof. Shirantha Heenkenda, Dhammika Perera, Krishan Balendran, Ashroff Omar, Dushni Weerakoon, Dr. Hans Wijesuriya, Vish Govindasamy, S. Renganathan, Ranjit Page, Suresh de Mel, Duminda Hulangamuwa, Sujeewa Mudalige and Prabash Subasinghe.
Tennakoon urged political parties represented in Parliament and those genuinely interested in public wellbeing to take up these issues. The civil society activist said that though two members of the Monetary Board namely Cabraal and Attygalle had been accommodated in the NEC, the apex apparatus had been neglected.
Responding to another query, Tennakoon pointed out that the declaration made by the Chinese Ambassador in Colombo Qi Zhenhong about Sri Lanka making fresh request for USD 1 bn financing facility and USD 1.5 bn buyer’s credit proved again the failure on the part of the government to take the public into confidence. Tennakoon said that according to Ambassador Qi Zhenhong statement in addition to the USD 2.5 bn the government had asked from China, since March 2020 China provided funding amounting to USD 2.8 bn.
Tennakoon said that the Advisory Committee’s proposals for the appointment of a joint Technical Team comprising CBSL and Treasury officials to propose international assistance, appointment of financial and legal advisors, the Technical Team to come out with set of proposals, expert team to advise the Finance Minister and confidence building measures to address supply related issues should be examined taking into consideration perceived shortcomings in existing mechanisms.
Commenting on the forex crisis, Tennakoon said that the NEC and Advisory Committee couldn’t be unaware of how an inordinate delay on the part of the Finance Ministry and the CBSL in taking remedial measures caused the current catastrophe. Who would take the responsibility for delaying the decision on the IMF’s intervention for so long? Tennakoon asked, pointing out that one-time Deputy Governor of the CBSL Dr. W.A. Wijewardena recently declared the current dispensation should have sought the IMF’s intervention in April 2021, during Prof. W. D. Lakshman’s tenure as the Governor.
Tennakoon alleged that the government hadn’t correctly assessed the situation though the national economy was in a precarious stage. The Advisory Committee’s initial proposals failed to address the CBSL and the Finance Ministry not taking a common stand on the issue at hand, Tennakoon said. The two institutions right throughout the crisis pulled in different directions, thereby should be held responsible for the present pathetic state of affairs, he said.
News
Joint programme between President’s Fund and Janashakthi Foundation to expand healthcare facilities for children
A special collaboration between the Presidents’s Fund and the Janashakthi Foundation, aimed at expanding healthcare facilities available to children under the age of 18, was launched on Wednesday (06) morning.
Implemented under the theme “Building a Healthier Today for a Winning Tomorrow”, this national initiative has been introduced through the joint efforts of the President’s Fund and the Janashakthi Foundation with the objective of reducing the financial barriers associated with children’s healthcare.
Under the President’s Fund, only a portion of the medical expenses incurred by a patient is generally covered. However, under this new collaboration, the Janashakthi Foundation will provide either an equivalent amount or the remaining balance of the treatment cost, whichever is lower.
Speaking on the occasion, Secretary to the President’s Fund and Senior Additional Secretary to the President, Roshan Gamage, stated that the present Government had taken steps to decentralise and digitalise the operations of the President’s Fund, thereby transforming it into a truly people-centric fund. He noted that this had reinforced public confidence in the Fund’s transparency, accountability and effectiveness and added that the collaboration with the Janashakthi Foundation had further strengthened this process.
Gamage further stated that close and meaningful coordination with the private sector would help enhance healthcare assistance provided to children and minimise the gap between the financial aid available and the actual cost of essential medical treatment.
Also addressing the gathering, Managing Director and Group Chief Executive Officer of the Janashakthi Group, Ramesh Schaffter, stated that difficulties in accessing medical treatment constitute a major obstacle preventing children from progressing towards a better future.
He further stated that the collaboration seeks to reduce that obstacle by extending support to children who are in urgent need of assistance, thereby laying the foundation for future generations to face tomorrow with greater confidence.
Under this programme, applicants seeking additional financial assistance are required, when applying to the President’s Fund, to duly complete and submit a consent form authorising the secure sharing of their information with the Janashakthi Foundation.
The identification of children requiring financial assistance, verification of their information and approval of funds will continue to be carried out by the President’s Fund.
Under this initiative, payments will generally be made to the guardians of children following the completion of treatment. However, in cases involving emergency treatment and treatment conducted overseas, payments will be made in advance.
Applicants submitting medical assistance applications to the President’s Fund from 15 May 2026 onwards will be eligible to apply for additional funding from the Janashakthi Foundation.
The event, held at the Hilton Colombo, was attended by J.M. Wijebandara, Director General of Legal Affairs at the Presidential Secretariat and Advisor to the President (Legal Affairs); C.T.A. Schaffter, Founder and Chairman Emeritus of the Janashakthi Group; Gamika De Silva, Group Chief Marketing Officer; Dilshan Wirasekara, Deputy Chief Executive Officer of the Janashakthi Group; as well as officials of the President’s Fund and the Janashakthi Foundation.
President’s Media Division (PMD)
News
Maldivian President concludes state visit to Sri Lanka
The President of the Republic of Maldives, Dr. Mohamed Muizzu, departed Sri Lanka on Wednesday morning (06) from the Bandaranaike International Airport, Katunayake, concluding a successful state visit to the country.
The visit by the Maldivian President and his delegation further strengthened the longstanding friendship and cooperation between the Maldives and Sri Lanka, while delivering a range of mutual benefits to the peoples of both nations.
This marked President Muizzu’s first state visit to Sri Lanka, during which several mutually beneficial areas of cooperation were agreed upon, underscoring the success of the visit.
Minister of Science and Technology, Krishantha Abeysena, Minister of Youth Affairs and Sports , Sunil Kumara Gamage, Member of Parliament Oshani Umanga, along with senior officials of the Ministry of Foreign Affairs, were present at the airport to bid farewell to the Maldivian President, the First Lady and the accompanying delegation.
(President’s Media Division)
News
Govt. draws flak over Rs. 500 mn excess Aswesuma payments
Close on the heels of the USD 2.5 mn theft from the Treasury, the Welfare Benefits Board has reported payment of nearly Rs 500 mn in excess to Aswesuma beneficiaries.
Public action group ‘Free Lawyers’ has raised the latest fiasco to come to light with Speaker Dr. Jagath Wickramaratne, while requesting that the Parliament, in line with its constitutional obligations, initiate an inquiry.
The letter, dated 06 May, signed by Maithree Gunaratne, PC, Attorney-at-Law Athula de Silva, and Rajith Keerthi Tennakoon, on behalf of ‘Free Lawyers’, has alleged that some of the Aswesuma beneficiaries have been paid twice while others received the additional/extra payment.
Responding to The Island queries, Tennakoon said that sheer negligence on the part of those responsible for public finance was shocking.
Alleging that the NPP government seemed to be operating outside basic rules and regulations pertaining to public finances, the former Governor asked the Speaker whether the wrongful Aswesuma payments had been made due to political appointments made at the expense of the experienced and competent staff. (SF)
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