Speaker calls for release of information about Monetary Board proceedings

 

Former Treasury Secretary S.R. Attygalle responding to COPA (Committee on Public Accounts) Chairman Anura Priyadarshana Yapa. Amidst ongoing controversy over the decisions taken by top members of the government’s economic team, COPA yesterday sought their views. From left: S.R. Attygalle, former CBSL Governor Ajith Nivard Cabraal, former presidential secretary Dr. P.B. Jayasundera and former CBSL Governor Prof. W.D. Lakshman. (Pic courtesy Parliament)

 

By Shamindra Ferdinando-2022/06/10

Speaker Mahinda Yapa Abeywardena has recommended the release of information about the Monetary Board proceedings to restore public confidence in the handling of public finance. He has made this recommendation in a letter dated 08 June to President Gotabaya Rajapaksa.

Referring to the recent shocking disclosure of politically-motivated decisions taken by the five-member Monetary Board chaired by the then Governor of the Central Bank Prof. W.D. Lakshman (Dec 2019-Sept 2021) and his successor Ajith Nivard Cabraal (Sept 2021-March 2022), Speaker Abeywardena has said that the Committee on Public Enterprises (COPE) raised concerns over the conduct of the Monetary Board.

Calling for the release of detailed minutes of the Economic Council, too, Speaker Abeywardena has emphasised that public scrutiny will compel both politicians and officials to act responsibly. He has suggested that arrangements be made to telecast the meetings on economic matters.

The COPE recently questioned current members of the Monetary Board, Sanjiva Jayawardena, PC and Dr. Ranee Jayamaha as regards the conduct of the apex body during the tenures of Prof. Lakshman and Cabraal. Jayawardena and Jayamaha alleged that Prof. Lakshman, the then Finance Secretary S.R. Attygalle and member Samantha Kumarasinghe had pursued a strategy inimical to the monetary policy. They were accused of turning a deaf year to call for an immediate IMF intervention and also fixing the rupee at 203 at the expense of precious foreign reserves.

COPE members, Patali Champika Ranawaka and Dr. Harsha de Silva asked Jayawardena and Jayamaha to produce documentary evidence to prove their version of the story. The lawmakers emphasised that they couldn’t absolve themselves of their responsibility by blaming some members of the Monetary Board.

The Speaker has written to President Gotabaya Rajapaksa in the wake of Prime Minister Ranil Wickremesinghe squarely finding fault with the economic management team for the current financial mess. Speaker Abeywickrema has stressed that the disclosure of discussions like in many other countries should be of high priority.

Speaker Abeywardena has said that the second vital point was the daily releasing of foreign currency inflows and outflows to prove the government’s sincerity.

Commenting on food security and growing fears of famine, Speaker Abeywardena has emphasised the responsibility on the part of the government to inquire into still unsubstantiated claims of 50 per cent loss of paddy in the current season. He has pointed out that such claims should be verified and tangible action taken to make a proper assessment of the situation.

Commending Premier Ranil Wickremesinghe and Agriculture Minister Mahinda Amaraweera for explaining the current challenges faced in speeches they made in Parliament, Speaker Abeywardenahas said that the government should take the public into confidence.

Speaker Abeywickrema has warned President Rajapaksa that the decision to recompose taxes may not yield desired results due to the prevailing difficulties experienced by the people.

Referring to the proceedings of the parliamentary watchdog committees, the Speaker declared that revenue collection hadn’t been successful due to failure on the part of the relevant authorities (Customs, Inland Revenue and Excise Department) and low compliance by the payees.

Speaker Abeywardena has urged President Gotabaya Rajapaksa to adopt meaningful measures to implement his proposals.