The Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) was established to promote regional cooperation and economic integration among countries in the Bay of Bengal region.
The proposal to establish an Expert Committee on Fiscal and Monetary Policy was first put forward by Sri Lanka’s Foreign Minister in February 2024 on the sidelines of the 7th Indian Ocean Summit. The initiative aims to facilitate the exchange of expertise and experience among member states in the formulation and implementation of fiscal and monetary policies.
A concept paper prepared in line with Sri Lanka’s proposal has since received approval from the Ministers of all BIMSTEC member countries. Subsequently, the BIMSTEC Secretariat, through the Ministry of Foreign Affairs, Overseas Employment and Tourism, formally requested Sri Lanka to host the inaugural meeting to finalize the Committee’s Terms of Reference and Action Plan.
Accordingly, the proposal submitted by President Anura Kumara Dissanayake in his capacity as Minister of Finance, Planning and Economic Development to convene the first meeting of the Expert Committee in Sri Lanka in 2026 received Cabinet approval.
