Press briefing of Cabinet Decision taken on 2023-03-07

Establishing a Financial Sector Crisis Management Committee

- It is very important to avoiding a financial crisis that can be originated due to the impact on the financial sector owing to fiscal, debt and balance of payment issues and minimizing the cost of such a financial crisis. Accordingly, critical crisis management and timely decision-making are essential in the face of the economic crisis that Sri Lanka is currently encountered. Therefore, the proposal submitted by the Hon. President in his capacity as the Ministry of Finance, Economic Stabilization and National Policies to establish the Financial Sector Crisis Management Committee and the Technical Committee on Financial Sector Crisis Management to coordinate between the Central Bank of Sri Lanka and the Ministry in charge of the subject of Finance in the preparation and management of a crisis in the financial sector, as well as their respective roles and to include the necessary provisions in the Banking (Special Provisions)Act, was approved by the Cabinet.