Overlooked Warnings Led to Sri Lanka's Economic Downfall

COLOMBO (News 1st); Dr. P. Nandalal Weerasinghe emphasized that during his previous tenure as Sri Lanka Central Bank Governor , he and his colleagues foresaw the impending crisis and worked tirelessly to convince the administration to change course.

Unfortunately, these warnings were not heeded, leading to the crisis that unfolded in March and April 2022.

By early April, the cabinet and prime minister had resigned, leaving only the president and a small cabinet. The then governor of the Central Bank also resigned on April 4th.

Dr. Weerasinghe recounted receiving a call from then-President Gotabaya Rajapaksa, asking him to take on the responsibility of CBSL Governor.

He agreed, but with the condition that he needed someone competent to coordinate fiscal policy. His first recommendation was Mahinda Siriwardena, whom he praised for his capacity, ability, independence, integrity, and professional skills.

Dr. Weerasinghe highlighted that three administrations have trusted Siriwardena as Secretary of Treasury, a position that is typically a political appointment.

He noted that this continuity reflects Siriwardena's ability to deliver in his role and the recognition of his competence by multiple administrations.

Dr. Nandalal Weerasinghe was speaking at the vent to launch "Sri Lanka's Economic Revival, Refelections On The Journey From Crisis To Recovery," a book writted by Sri Lanka's Finance Secretary Mahinda Siriwardena.