W. D. Lakshman

W. D. Lakshman
Born	1941 Mihiripanne, Galle District, Sri Lanka
Occupation(s)	Economist, Scholar, Author
Known for	Former 15th Governor of the Central Bank of Sri Lanka; Chairman of the Monetary Board of the Central Bank of Sri Lanka

Deshamanya Weligamage Don Lakshman, widely referred to as W. D. Lakshman, is a distinguished Sri Lankan economist, scholar, author, and the former 15th Governor of the Central Bank of Sri Lanka. He currently holds the position of chairman of the bank’s Monetary Board. Lakshman is esteemed for his impactful contributions to economic policymaking and his extensive knowledge in economics.

Early life

Lakshman was born in 1941 in Mihiripanne, located within the Galle District. Originating from a humble business-oriented family, he pursued his early education at Vidyaloka College in Galle, where he earned the distinction of Head Prefect during his school years.

Career

He obtained his undergraduate degree in Economics from the University of Ceylon between 1960 and 1964. Beginning his academic career as an assistant lecturer at the University of Ceylon from 1964 to 1968, Lakshman coauthored the Sinhala economics textbook Aarthika Vishleshana to fill gaps in available educational resources. In 1972, he also held a lecturing position at Vidyodaya University.

Following a scholarship award, he completed his doctoral studies at the University of Oxford in 1973. Subsequently, he served as a senior lecturer at the University of Peradeniya before being appointed Professor and Head of the Economics Department at the University of Colombo in 1982. He was elevated to senior professor status in 1992.

Between 1994 and 1999, Lakshman acted as Vice Chancellor of the University of Colombo. He stepped down to accept a visiting professorship opportunity in Japan. In recognition of his contributions to education, the Sri Lankan government bestowed upon him the Deshamanya honorific title in 2005. After dedicating 43 years to academia, he retired in 2007 and was awarded an honorary Doctor of Letters degree along with Emeritus Professor status by the University of Colombo.

Following retirement, Lakshman provided advisory services to the Ministry of Finance in 2008 and assumed chairmanship of the Institute of Policy Studies (IPS) starting in 2010. He also led the Presidential Commission on Taxation in 2009 and chaired a presidential committee tasked with reviewing the Singapore-Sri Lanka Trade Agreement in 2018.

On 24 December 2019, President Gotabaya Rajapaksa appointed him as Governor of the Central Bank of Sri Lanka, taking over from Indrajit Coomaraswamy. His selection at age 78 surpassed usual age restrictions and attracted scrutiny due to his relatively limited experience within central banking. Lakshman announced his resignation effective from 14 September 2021, citing fundamental disagreements with existing policy directions.

During his governorship, he faced criticism for policies perceived as excessive currency issuance that contributed to inflationary pressures. Reports indicate he declined an invitation to join the International Monetary Fund.

Conviction of economic mismanagement

The Supreme Court of Sri Lanka found Lakshman, alongside the Rajapaksa brothers and others, responsible 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), concerning equal protection rights, based on a petition submitted by Transparency International Sri Lanka (TISL) and four additional activists.

External links

• Deshamanya Professor W D Lakshman