Mar 21, Colombo: Sri Lankan President Maithripala Sirisena has decided to abolish the Cabinet Committee on Economic Management (CCEM) headed by the Prime Minister Ranil Wickremesinghe.
Local media reported that the President has taken this decision at a special cabinet meeting held on Tuesday (20).
The CCEM was established to make recommendations to the Cabinet of Ministers on implementation of laws and related subjects concerning economic affairs, monetary and financial policy, national investment program, facilitating private sector investments, investments and economic development of the country.
Following the establishment of the National Economic Council the President on an earlier occasion has advised the cabinet to disband the CCEM.
Accordingly the cabinet has discussed the matter and the President has reportedly pointed out that most of the decisions reached through the CCEM had failed citing the Volkswagen facility in Kuliyapitiya and Horana tire factory, which were proposed by the CCEM.
During local government election campaigning in January this year the President said he will take responsibility of economic management in order to reduce cost of living burden of the people. He said the UNP was allowed to manage the economy according to their choice for the past three years and people have serious economic problems.
The President said he appointed the National Economic Council for economic management under his leadership and will take responsibility to strengthen the national economy.
The CCEM headed by the Premier also included former Sri Lanka Administrative Service Officer R. Paskaralingam, former Treasury Secretary Charitha Ratwatte, Secretary to the Finance Ministry Dr R.H.S. Samaratunga, Secretary to the Prime Minister Saman Ekanayake and Ministers Dr Sarath Amunugama and Malik Samarawickrama.