In a recent landmark judgment addressing fundamental rights petitions related to the economic crisis, the Supreme Court has opted not to issue adverse decisions or orders against two esteemed Monetary Board members, President’s Counsel Sanjeeva Jayawardena, and Dr. Ranee Jayamaha.
The Supreme Court, through its majority decision, identified that former Central Bank Governors Prof. W.D. Lakshman, Ajith Nivard Cabraal, former Treasury Secretary S.R. Atygalle, and Monetary Board member Samantha Kumarasinghe had breached the public trust.
Emphasizing the pivotal role played by Sanjeeva Jayawardena, P.C., and Dr. Ranee Jayamaha, the Court explicitly stated that Leave to Proceed was not granted against these Monetary Board members. The judgment carefully delineated parties against whom adverse declarations and orders were made, absolving Sanjeeva Jayawardena and Dr. Ranee Jayamaha from any such directives.
The Court, in quoting extensively from oral submissions by Sanjeeva Jayawardena, highlighted the immense impact of tax policies on domestic revenue, Treasury operations, and the nation’s financial standing. The minority perspective within the Monetary Board, represented by Jayawardena and Dr. Jayamaha, advocated for strategic measures like exporter conversions, import restrictions, and urgent IMF intervention to mitigate the economic crisis.
Significantly, the judgment acknowledged Jayawardena’s critical role in briefing then-President Gotabaya Rajapaksa on the precarious state of foreign reserves, leading to the decision to seek a full IMF Fund program. The Court credited Jayawardena’s recommendation, which prompted the President to send a fresh communication to the IMF, ultimately facilitating the announcement of a broad debt standstill by the Government of Sri Lanka.
The Monetary Board External Debt Monitoring Committee, chaired by Sanjeeva Jayawardena and vice-chaired by Dr. Ranee Jayamaha, was commended for its substantial contributions and strong recommendations in averting a disorderly sovereign default and balance of payments crisis.
In this significant judgment, the Supreme Court underscores the pivotal role played by Sanjeeva Jayawardena, P.C., and Dr. Ranee Jayamaha in navigating the country through a challenging economic period, ultimately shaping crucial decisions to stabilize reserves and ensure exchange rate stability.
