“I Knew the Collapse Was Coming”: Treasury Chief Breaks Silence

COLOMBO (News 1st); Outgoing Treasury Secretary Mahinda Siriwardana has described his three-year tenure at the Ministry of Finance as the most defining chapter of his 34-year professional career, marked by intense challenges and unwavering dedication.

Speaking at a farewell event, Siriwardana recounted the relentless pressure of managing Sri Lanka’s finances during one of the most turbulent economic periods in the country’s history. “It was day-to-day firefighting,” he said. “We were constantly battling to figure out how to make payments today, tomorrow, and the day after.”

Despite suffering a serious health scare in July 2023, Siriwardana continued to fulfill his duties, underscoring his commitment to public service. He emphasized his efforts to create an environment where Treasury officials could work independently and effectively, even under immense stress.

Reflecting on the root causes of the economic crisis, Siriwardana pointed to the erosion of fiscal discipline and the mismanagement of public finances. “The breakdown in financial governance was the seed of the crisis,” he explained. “Our goal was to reverse this trajectory and steer the country toward a more sustainable path.”

He expressed gratitude to President Anura Kumara Dissanayake and the government for the trust placed in him, especially during transitions in political leadership. Siriwardana praised the President’s maturity and strategic vision, noting that the country is slowly returning to normalcy, with businesses recovering, children returning to school, and tourism showing signs of revival.

However, he cautioned against complacency. “Stability is not the end goal. We must continue to move forward with strength and purpose.”

Siriwardana also shared a deeply personal account of his emotional burden, revealing that he foresaw the economic collapse two years before it happened. “I had no one to tell except my wife,” he said. “I endured five years of mental anguish, not just three.”

“I officially assumed duties on April 8, 2022, but I had foreseen the country’s economic collapse nearly two years prior. There was no one I could confide in—except my wife, who herself could do little. The psychological burden I carried during that time still lingers. In truth, I didn’t suffer for just three years—I endured five years of emotional strain because of this crisis. Knowing what was coming but being powerless to act was deeply painful. The warnings I gave were ignored—not just by the Monetary Board, but also by the senior officials in charge at the time. I’m not afraid to say this now. The signs were clear, the risks were evident, but no attention was paid. That’s why the crisis unfolded the way it did. From 2020 until today, I’ve been continuously engaged with this situation. I speak from experience, and I say this with a sense of responsibility: serving Sri Lanka during this period has been one of the greatest honors of my life.”

Despite stepping down, Siriwardana affirmed his continued commitment to Sri Lanka’s progress. “Though I retire from this position, my dream for a prosperous Sri Lanka remains alive. If my support is needed in the future, I will not hesitate to offer it.”