The National Economic Council of Sri Lanka (NEC) is the apex government institution responsible for economic policy and management. It was established in July 2017 by the approval of the Cabinet of Ministers and started functioning from September 2017.
The primary objectives of the NEC are to
- Provide the strategic vision and direction to the Government of Sri Lanka in economic matters.
- Provide policy stability through a carefully articulated, holistic and consistent economic policy framework.
- Advocate for appropriate for the economic and financial development of Sri Lanka.
- Ensure well-informed economic decision making throughout the Government.
- Serve as an expert body for economic policy formulation, coordination, and assurance of implementation.
NEC Main Functions
The main functions of the NEC include the following:
- Develop national economic policies through consultation and dialog among key stakeholders.
- Plan and coordinate policies in a coherent national policy framework to ensure policy consistency.
- Ensure implementation through responsible ministries and institutions.
- Monitor and evaluate policy implementation, impact and effectiveness.
NEC Operating Procedure
The NEC operates as a high-level expert body for economic matters in a consultative manner. The key steps in the operating framework of the NEC comprise of the following:
- NEC holds “Technical Meetings” as needed with key stakeholders to review and formulate policy and coordination and implementation plans.
- NEC submits its policy guidance and recommendations through NEC Memorandum to NEC Board.
- NEC Board meets once a month to review and adapt NEC Memorandums.
- Once approved by the NEC Board, the NEC Memoranda are submitted to the Cabinet of Ministers for approval.
- Once approved by the Cabinet, NEC issues Policy Directives to relevant line ministries and institutions.