Mahinda Siriwardena, a central figure in Sri Lanka’s economic recovery efforts during the COVID-19 pandemic and the administration of former President Gotabaya Rajapaksa, is expected to step down from his post at the end of this month. Siriwardena currently serves as both the Secretary to the Ministry of Finance and the Secretary to the Treasury.
Siriwardena held the same key role during the presidencies of Gotabaya Rajapaksa and Ranil Wickremesinghe, despite facing considerable opposition criticism. In 2023, opposition leaders accused him of failing to allocate the necessary funds for local government elections, allegedly at the request of President Wickremesinghe. This led to strong criticism and even legal action against Siriwardena by the opposition.
Despite these controversies, the current Malima government did not remove Siriwardena from office. His continued service was seen as crucial, given his close collaboration with international financial institutions such as the International Monetary Fund (IMF), the Asian Development Bank (ADB), and the World Bank in addressing Sri Lanka’s ongoing economic crisis. Notably, Siriwardena maintained the economic policies initiated under Wickremesinghe, continuing them without deviation.
Siriwardena had informed the government of his intention to retire several months ago—a development previously reported as a special feature under the ‘State Secrets’ column. He had also personally notified former President Ranil Wickremesinghe of his decision.
ADB Appointment in the Philippines
Following the announcement of his retirement, reports suggest that members of the business community, concerned by the news, reached out to President Wickremesinghe. The President reportedly praised Siriwardena’s capabilities and assured that he would not allow such a valuable officer to retire. Nonetheless, Siriwardena has confirmed his retirement will take effect on May 31st.
It is understood that he has been recommended for a prestigious new role at the Asian Development Bank, overseeing responsibilities related to the Philippines, starting from June 1st.
Observers speculate that Siriwardena’s decision to step down is influenced by concerns over the government’s looming challenges in the months ahead.
Search for a Successor
The question of who will succeed Siriwardena remains unresolved. Initial reports indicated that Duminda Hulangamuwa, an economic advisor to the President, was being considered for the role. However, he has since declined the appointment.
The government has since approached several other prominent individuals, but they too have reportedly turned down the offer. As a result, the government now faces a potentially uncertain transition period following the upcoming elections.
