Colombo, Apr 23 (IANS): A high-powered Presidential Task Force has been appointed for the economic revival and poverty eradication in Sri Lanka impacted by the coronavirus pandemic, it was reported on Thursday.

The Task Force appointed on Wednesday by President Gotabaya Rajapaksa is headed by Minister of Economic Development Basil Rajapaksa and comprises over 30 members, including officials and business leaders, reports the Daily Financial Times newspaper.

The Task Force is responsible for reviving the economy and eradication of poverty, while paying special attention to the challenges posed and opportunities emerging in Sri Lanka in the wake of COVID-19 outbreak.

"The Task Force should steer the relevant institutes to create a production economy through the formulation of a unique economic structure based on novel initiatives," an official statement said.

Implementation of joint operations to establish a people-centric economy which will promote domestic industrialists and entrepreneurs is another objective of the Task Force.

It has also been tasked with the responsibility of taking measures to distribute products in liaising with all the institutes, while paying attention to the activities undertaken by the health and education task forces to maintain normalcy, the newspaper quoted the statement as saying.

The Task Force is required to inform the President of all instances where any public official, Ministry, State Department, State Corporation, or any other similar institute which delays or fails to perform duties and responsibilities assigned by it.

Largely owing to the COVID-19 pandemic, the World Bank recently forecast Sri Lankan economy to contract by 3 per cent this year as against a 2.4 per cent estimated growth last year.

The development comes as Sri Lanka has reported 330 coronavirus cases, with seven deaths.