Bandula Gunawardena Launches Book on Sri Lanka’s Financial Governance and IMF Programme

A new book titled “Sri Lanka’s Financial Governance – IMF Recommendations”, authored by former minister and academic Dr. Bandula Gunawardena, was launched today in Colombo.

The book was launched at the Godage Publishing stall at the Colombo International Book Fair currently being held at the Bandaranaike Memorial International Conference Hall (BMICH).

According to the author, the book provides a summary of Sri Lanka’s economic crisis, the background to the IMF process and the manner in which successive governments handled the country’s economic affairs during that period.

Former Minister G.L. Peiris, Samagi Jana Balawegaya (SJB) MP Dr. Harsha de Silva, Sarvajana Balaya leader and MP Dilith Jayaweera, former Speaker Karuu Jayasuriya, former Minister Lasitha Alagiyawanna, and several other distinguished guests attended the book launch.

Following the launch, Dr. Bandula Gunawardena spoke to the media about the publication and Sri Lanka’s financial governance.

He said the Extended Fund Facility (EFF) programme entered into by the previous Government with the International Monetary Fund is scheduled to conclude next year.

According to Gunawardena, at the request of the Sri Lankan Government, an IMF team had prepared reports from 2023 onwards covering the Central Bank, government departments, statutory bodies and other institutions in relation to the EFF programme, which were subsequently presented to Parliament during the previous administration.

He said the book contains the proposals and discussions relating to those matters.

Gunawardena further said that Parliament holds the constitutional authority over public finance and that he was presenting the book to Members of Parliament.

He said the book contains recommendations on what should be done and continued in relation to financial governance in Sri Lanka.

“There are measures that need to be taken to strengthen the economy. Some of them may not be politically popular decisions,” he said.

He added that continuing to act in accordance with agreements would be beneficial to the country.

“We all want to ensure that the country does not fall back to where it was,” Gunawardena said, adding that the Government should reach agreement on how to manage any setbacks that arise while implementing the agreements.

The book launch comes as Sri Lanka continues discussions with the IMF on its economic reform programme. The IMF said on September 23 that its team had concluded its latest visit to Sri Lanka and that discussions would continue towards reaching an agreement on the parameters and policies required to complete the Seventh Review of the EFF arrangement.