Government will seek assistance from IMF for Central Bank reform – Harsha
Posted in Local News
Deputy Minister of National Policies and Economic Affairs Harsha De Silva stated that the government will seek assistance from the International Monetary Fund (IMF) to reform the Central Bank in accordance with the recommendations made by the Bond Commission.
The Presidential Commission of Inquiry on the Issuance of Central Bank Treasury Bonds made a recommendation to reform and restructure the Central Bank to prevent large scale fraud and other fiscal crimes.
Speaking at an event in Nugegoda, Deputy Minister Harsha De Silva stated that the government will seek assistance from the IMF to gain international perspective on the matter.
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I doubt very much if the Central Bank would entertain the idea of IMF getting involved with the CB operations for obvious reasons. As is the CB has a mandagte a mandate more or less universal and to implement this madate there are rules and these guidelines are layetered with security protocols.
The real problem is that the CB comes umder the ministry which appoints a governor with the concurrence of the cabinet headed by the Prime Minsiter who by default is minister of almost every ministry. So the appointment being political the governor is subservient to the prime minister. Sort of a yes man.
What we need a strong man to head the CB who is reponsible for its operations and independent of political influence. As is there are lots of people within the bank who would save the same purpose but they are vulnerable. Therefore it will not work.
Get rid of indrajit and appint a foreigner preferably a british. Why britis thay have a strong tradition and academically one cannot find any better. The indians are just as good but they c ane be influenced.
The problem with our academics is that their education ceased soon after their phd and this go for Harsha as well
As Zama says it is time to rid the outdated Economist heading the CB.
The current CB Governor’s credentials are unsatisfactory. His theoretical background is on outdated economic theory and his professional credentials are uninspiring. Professionally, he was so unemployable that he had to be a consultant to the International Crook, Rajaratnam, for survival.
An overseas appointment would be welcome. A professional from either Great Britain or South Africa will be suitable for this role.