Dr. Coomaraswamy underscores need to stick to PFMA, diligently follow IMF programme

Former Governor of the Central Bank Dr. Indrajith Coomaraswamy stressed the importance and the responsibility on the part of new Secretary to the Treasury Dr. Harshana Suriyapperuma to strictly follow the Public Finance Management Act (PFMA) to ensure macroeconomic stability.

- BY SHAMINDRA FERDINANDO

Dr. Coomaraswamy warned that any sort of deviation from clear framework embedded in the PFMA would be catastrophic. Cooramaswamy said so in response to The Island query what should be new Treasury Chief's responsibility.

Dr. Harshana Suriyapperuma recently succeeded Mahinda Siriwardana who served for a period of three turbulent years (April 8, 2022 to April 8, 2025).

Son of internationally reputed civil servant the late Raju Coomaraswamy, affectionately dubbed "Roving Raju", Dr. Indrajith Coomaraswamy served as the Governor of the Central Bank during 2016-2019 period.

Asked to explain the challenges faced ahead by the former NPP National List MP and first time entrant to parliament Dr. Suriyapperuma in managing the economy, Dr. Coomaraswamy said: "Mahinda Siriwardana has done an outstanding job as Secretary to the Treasury. Siriwardana and the Governor, Dr. Nandalal Weerasinghe, have played crucial roles in bringing about the extremely impressive and widely acclaimed stabilization of the economy since the dark days of 2022.