Dr. Harsha De Silva questioned the Central Bank and Treasury officials on whether there was any scientific analysis before announcing massive tax cuts after President Gotabhaya Rajapaksa came to power.

However, the Treasury officials failed to give a satisfactory answer to the question raised by the opposition MP at a COPE committee meeting.

The committee also questioned former Monetary Board members on the rationale behind maintained a fixed exchange rate last year leading to a rapid decrease in the country’s foreign reserves.

Responding to the question, Dr. Ranee Jayamaha, a former member of the Monetary Board said, two members of the board, including her, advised against the decision.

However, Prof. W.D. Lakshman, the former Governor of the Central Bank, the Treasury Secretary and Samantha Kumarasinghe were adamant that the exchange rate should be fixed.

COPE members, including Chairman Prof. Charitha Herath, expressed shock after Jayamaha made this revelation.