Sri Lanka appoints advisory committee to address worsening debt crisis

The Sri Lankan govt on Thursday appointed an advisory committee consisting of various economic and fiscal experts to provide advice about the current debt crisis.

The Sri Lankan government has appointed an advisory committee comprising eminent economic and fiscal experts to provide guidance on addressing the current debt crisis and engaging with the IMF and other lenders as the island nation struggles to combat the unprecedented shortage of foreign reserves.

The Presidential Advisory Group on Multilateral Engagement and Debt Sustainability includes Indrajit Coomaraswamy, former governor of the Central Bank of Sri Lanka and former director of the Economic Affairs Division of the Commonwealth Secretariat, according to a statement issued by the President Media Division on Wednesday.

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The other members are Shanta Devarajan, Professor of the Practice of Development, Georgetown University and former chief economist of World Bank; and Sharmini Coorey, former director of the Institute of Capacity Development of the IMF Institute, and former deputy director of the Africa Department, IMF.

“Among the responsibilities that the Presidential Advisory Group will undertake are to engage in discussions with relevant Sri Lankan institutions and officials engaging with the IMF, and to provide guidance that will address the present debt crisis and lead towards sustainable and inclusive recovery for Sri Lanka,” the statement said.

Meanwhile, the President Office on Thursday announced Nandalal Weerasinghe was appointed as the Governor of the Central Bank of Sri Lanka, replacing Ajith Nivard Cabraal, who resigned earlier this week just seven months after taking charge in September 2021.

K M M Siriwardena was appointed as the Secretary to the Treasury, replacing S R Attygalle.