P. B. Jayasundera
Punchi Banda Jayasundara | |
|---|---|
| Born | 1930s |
| Nationality | Sri Lankan |
| Alma mater | Maliyadeva College; University of Sri Lanka; Williams College; Boston University |
| Occupation(s) | Economist, government official |
| Known for | Secretary to the President of Sri Lanka; Secretary to the Treasury and Ministry of Finance |
Punchi Banda Jayasundara is a distinguished Sri Lankan economist and former high-ranking government official. He held the position of Secretary to the President during Gotabaya Rajapaksa's administration and served multiple terms as Secretary of the Treasury and Secretary to the Treasury and Ministry of Finance.
Education
Jayasundara completed his secondary education at Maliyadeva College in Kurunegala and graduated from the University of Sri Lanka, Colombo campus in 1973 with a Bachelor of Arts degree in Economics. He obtained a Master's degree specializing in Development Economics from Williams College in 1980, followed by a doctorate in economics from Boston University in 1984.
Central Bank
His professional journey commenced at the Central Bank of Sri Lanka in 1974 as an economist. After completing postgraduate studies in the United States, he advanced to the role of senior economist.
Ministry of Finance
In 1990, Jayasundara was assigned to the Treasury as an Economic Advisor. By 1995, he had risen to Director-General of Fiscal Policy and Economic Affairs, then served as Deputy Secretary to the Treasury from 1997 to 1999. From 1999 until 2001, he was appointed Secretary to the Treasury and Ministry of Finance, managing fiscal policies during Sri Lanka’s initial recession since independence. Subsequently, he chaired the Public Enterprises Reform Commission and worked as a Senior Policy Advisor at Ernst & Young Sri Lanka. Additionally, he acted as a consultant for both the IMF and World Bank on projects related to Sri Lanka. In 2004, he was reappointed Secretary to the Treasury and Ministry of Finance.
Removal from public office
In 2008, the Supreme Court of Sri Lanka ruled against him for procedural irregularities concerning a significant contract related to the expansion of the Port of Colombo, which led to his disqualification from holding public office. As a result, Jayasundara stepped down from all official roles.
The following year, President Mahinda Rajapaksa invited him to return as treasury secretary. Jayasundara challenged the prior verdict through a fundamental rights petition, which the Supreme Court subsequently overturned, enabling his reinstatement.
Flight
Just before the 2015 Sri Lankan presidential election, where Rajapaksa was defeated, Jayasundara departed for Singapore. The next day, Dr. R H S Samaratunga succeeded him as treasury secretary.
Secretary to the President
Following President Gotabaya Rajapaksa’s election victory, Jayasundara was appointed as Secretary to the President on 19 November 2019. He tendered his resignation in December 2021 and was officially asked to vacate his position on 15 January 2022 amid conflicts with Cabinet members who criticized his considerable influence and held him accountable for the ongoing 2019–present Sri Lankan economic crisis. Alongside former Treasury Secretary Attigala and ex-Central Bank Governor Ajith Nivard Cabraal, Finance Minister Ali Sabry later accused him of obstructing IMF bailout negotiations by favoring domestic strategies that ultimately contributed to Sri Lanka’s early sovereign default.
Conviction of economic mismanagement
Jayasundara was found guilty by the Supreme Court of Sri Lanka, alongside the Rajapaksa brothers and others, for economic mismanagement spanning from 2019 to 2022. On 14 November 2023, the court determined that these individuals violated constitutional protections under Article 12(1), which guarantees equal protection under the law, following a petition initiated by Transparency International Sri Lanka (TISL) and four activists.