Gamani Corea Foundation (GCF) was set up by the late Dr Gamani Corea on February 10, 2000, as a foundation to take further his passion for development globally, with particular emphasis on Sri Lanka. The GCF is an autonomous non-profit institute that aims to promote development-related economic research, while being open to research from other social sciences, especially from a multi-disciplinary perspective.

Its mission is to contribute to the socio-economic development of Sri Lanka and other low-income and middle-income countries through informed, independent and high-quality research. GCF perceives research as being more than a mere academic exercise; it is primarily a catalyst for the tangible socio-economic transformation of countries and societies.

A session was dedicated to reflecting on the legacy of Dr. Gamani Corea during the Festival of Ideas, an event organized by the Bandaranaike Center for International Studies (BCIS) in celebration of its golden jubilee. Held on November 22, 2024, at Kolamba Kamatha, BMICH, the session featured two esteemed Directors of the GCF Board: Dr. Indrajith Coomaraswamy (former Governor of the Central Bank of Sri Lanka) and Dr. Dushni Weerakon (Executive Director of the Institute of Policy Studies) as panelists.The discussion highlighted Dr. Corea’s invaluable contributions to the Global South, his pivotal role in debt restructuring, and his advocacy for alternatives to the international economic order.

On October 16th, 2024, the Gamani Corea Foundation hosted a thought-provoking guest lecture at the Lighthouse Auditorium titled “Debt Overhang, Adjustment and Recovery: Sri Lanka’s Prospects for Growth and Development.” The lecture was delivered by Prof. Premachandra Athukorala, Emeritus Professor of Economics at the Australian National University. During his presentation, Prof. Athukorala provided an in-depth analysis of Sri Lanka’s current debt crisis, identifying the key causes and challenges that have contributed to the country’s economic collapse. He emphasized the importance of adopting timely and strategic policy reforms aimed at economic adjustment and sustainable recovery. The lecture attracted a distinguished audience comprising professionals from both the public and private sectors.

The Inaugural Grant Awarding Ceremony of the Gamani Corea Foundation for 2024-25 took place on the 19th of September 2024 at the BMICH. A total of 16 grants consisting of 13 team grants and 3 individual grants were awarded at the ceremony. These grants are expected to support in-depth evidence-based research on Sri Lanka’s most pressing socio-economic challenges. At the ceremony, key speakers, including Dr. Lloyd Fernando, Dr. Indrajit Coomaraswamy, Prof. Sirimevan Colombage, and Dr. Harsha Aturupane, emphasized the importance of evidence-based research in addressing Sri Lanka’s economic challenges in the context of the current economic crisis. We extend our heartfelt congratulations to all the grant recipients, whose research holds the potential to influence positive change across socioeconomic landscape of Sri Lanka.