Discover how Duminda Hulangamuwa and Prof. Anil Fernando were appointed as Senior Economic Advisors to the Sri Lankan President, guiding key financial and economic strategies.
On September 24, 2024, Sri Lankan President Anura Kumara Dissanayake appointed two prominent professionals, Duminda Hulangamuwa and Professor Anil Fernando, as Senior Economic Advisors. Their appointments, endorsed by the Cabinet of Ministers, are honorary, without any salary or benefits. These two experts will play a key role in shaping the country’s economic policies and guiding the President on financial matters. This strategic move highlights the President’s focus on economic stability and long-term development, leveraging the expertise of these esteemed advisors.
The Importance of These Appointments
The appointment of Senior Economic Advisors signifies the critical need for experienced leadership to guide the country through its current economic challenges. Both advisors, with their extensive backgrounds in finance and economic management, are expected to bring innovative solutions and insights to enhance Sri Lanka’s financial strategies. Their contributions will be vital as the country seeks to address fiscal concerns and stabilize the economy.
Duminda Hulangamuwa’s Background
Professional Career and Current Roles
Duminda Hulangamuwa is a seasoned professional with over three decades of experience in finance and business. He currently serves as the Country Managing Partner for EY Sri Lanka and the Maldives. In addition to his professional roles at EY, he is also the Chairman of the Ceylon Chamber of Commerce, one of the country’s most influential business organizations. His leadership in these roles reflects his deep understanding of the corporate sector and its impact on Sri Lanka’s economic landscape.
Chairman of the Ceylon Chamber of Commerce
As the Chairman of the Ceylon Chamber of Commerce, Hulangamuwa plays a pivotal role in representing the interests of the private sector. Under his guidance, the Chamber advocates for policies that promote business growth and economic development. His leadership at the Chamber complements his new role as an economic advisor, enabling him to provide valuable insights on how government policies can foster a better business environment.
Key Qualifications and Contributions to Sri Lanka’s Economy
Hulangamuwa holds numerous prestigious qualifications, including fellow memberships with the Chartered Institute of Management Accountants (CIMA) and the Institute of Chartered Accountants of Sri Lanka. His long career in taxation and finance makes him a crucial asset to the government, especially in policy formation and economic reforms.
Prof. Anil Fernando’s Expertise
Academic and Professional Background
Professor Anil Fernando is a respected academic at the University of Sri Jayewardenepura, specializing in accounting and finance. With a Doctorate in Business Administration and an extensive academic career, he has been instrumental in shaping the financial expertise of future leaders. His academic contributions, particularly in finance, are widely recognized within and beyond Sri Lanka.
Significant Contributions to Accounting and Finance
Prof. Fernando’s research and teaching have had a significant impact on the fields of accounting and finance in Sri Lanka. He holds advanced degrees in finance from international institutions, including the ESCP-EAP European Business School in France, and has a Master’s in Business Administration from the Asian Institute of Technology. His academic knowledge, combined with practical experience, allows him to contribute valuable perspectives on economic matters.
Roles at the University of Sri Jayewardenepura and Beyond
At the University of Sri Jayewardenepura, Prof. Fernando is known for his role in developing Sri Lanka’s academic standards in finance. His involvement extends to various national and international economic initiatives, where his expertise is sought after for creating impactful economic policies.
Role and Responsibilities as Economic Advisors
Overview of the Honorary Nature of Their Appointments
Both Duminda Hulangamuwa and Prof. Anil Fernando have been appointed in an honorary capacity, meaning they will not receive any financial compensation for their services. According to Cabinet Spokesman Minister Vijitha Herath, the President has the power to appoint his staff in consultation with the Cabinet, which led to these strategic appointments.
Specific Duties Related to Sri Lanka’s Economic Affairs
As Senior Economic Advisors, Hulangamuwa and Prof. Fernando will focus on guiding the President on matters related to finance, economic policies, and fiscal stability. Their roles will involve reviewing current economic challenges and providing solutions to strengthen Sri Lanka’s financial health.
Legal Basis for Their Appointment Under Article 41 (1) of the Constitution
Their appointments are made under Article 41 (1) of the Sri Lankan Constitution, which allows the President to appoint advisors with the approval of the Cabinet. This legal framework ensures that such appointments are transparent and aligned with the country’s governance principles.
Impact on Sri Lanka’s Economic Strategy
How Their Advice Could Influence Key Economic Policies
The expertise of these two advisors is expected to play a crucial role in shaping future economic policies in Sri Lanka. With their combined knowledge, they will provide advice on critical issues such as taxation, financial reforms, and investment strategies, helping the government navigate the complexities of the global economy.
Expected Areas of Focus for Both Advisors
Hulangamuwa and Prof. Fernando are likely to focus on improving fiscal policies, enhancing public sector efficiency, and promoting sustainable economic growth. Their recommendations will likely address key areas such as inflation control, public debt management, and attracting foreign investments to boost the economy.
Long-Term Contributions to Sri Lanka’s Financial Stability
The long-term impact of their advisory roles is expected to contribute significantly to Sri Lanka’s financial stability. By leveraging their knowledge and experience, the President’s economic strategy will likely include measures aimed at restoring investor confidence, stabilizing the economy, and promoting sustainable growth.
The appointment of Duminda Hulangamuwa and Prof. Anil Fernando as Senior Economic Advisors to President Anura Kumara Dissanayake marks a significant step towards addressing Sri Lanka’s economic challenges. Their extensive experience in finance, taxation, and policy-making will be instrumental in guiding the country through its fiscal and economic hurdles. As honorary advisors, their focus will remain on developing long-term strategies that benefit both the government and the public.
5 Unique FAQs
1. Who are the newly appointed Senior Economic Advisors to the President?
Duminda Hulangamuwa and Professor Anil Fernando have been appointed as Senior Economic Advisors to President Anura Kumara Dissanayake in an honorary capacity.
2. What roles will Duminda Hulangamuwa and Prof. Anil Fernando play as advisors?
They will provide guidance on financial and economic policies, helping the President formulate strategies to stabilize and grow the Sri Lankan economy.
3. Are these advisory roles paid positions?
No, both Duminda Hulangamuwa and Prof. Anil Fernando serve in an honorary capacity without any salary or financial benefits.
4. What is Duminda Hulangamuwa’s professional background?
He is the Country Managing Partner of EY Sri Lanka and Maldives and the Chairman of the Ceylon Chamber of Commerce, with over 30 years of experience in finance.
5. How will the advisors contribute to Sri Lanka’s economic policies?
Their expertise will help shape key financial and economic policies, particularly in areas such as taxation, investment strategies, and public sector reforms.