Deshamanya Dr. Gamani Corea remains one of Sri Lanka’s most distinguished economists, diplomats, and global thinkers, a man whose work shaped national planning, influenced international trade policy, and gave developing nations a powerful voice in world affairs.

Born on November 4, 1925, in Colombo, he received his early education at Royal College before beginning his higher studies at the University of Ceylon. His academic journey soon took him to the University of Cambridge, where he completed his BA and MA, and later to the University of Oxford. At Oxford’s Nuffield College, he earned his DPhil in Economics, becoming the first Sri Lankan to obtain a doctorate from Oxford in any discipline.

Throughout his career, several universities honoured him with honorary doctorates, recognising his intellectual contributions and global impact.

Shaping Sri Lanka’s Economic Vision

Dr. Corea’s long career began at the Central Bank of Ceylon in 1950, the same year the institution was established. His sharp economic insight quickly elevated him to key leadership roles, including Director of Economic Research and later Deputy Governor.

He contributed to several major national policy initiatives, including:

• Co-creating the Ten Year Plan of 1959, Sri Lanka’s first long-term development blueprint
• Introducing the Foreign Exchange Entitlement Certificate (FEEC) scheme in 1968
• Leading the Aid Consortium, which secured international support during the 1960s foreign exchange crisis

In 1965, he became the first Permanent Secretary of the newly established Ministry of Planning and Economic Affairs. Before entering the UN system, he also served as Sri Lanka’s Ambassador to the European Economic Community and the Benelux countries.

A Decade of Global Leadership at UNCTAD

Dr. Corea’s most influential international role came in 1974 when he was appointed Secretary-General of UNCTAD, a position he held for ten transformative years. Many describe this period as the “Golden Age” of the organisation.

During his tenure:

• He pushed for fairer global trade rules and challenged the dominance of Western corporations
• He helped negotiate international codes affecting shipping and restrictive business practices
• He strengthened the voice of the G77, ensuring developing countries presented a united position
• He championed the New International Economic Order (NIEO), arguing that developing nations needed fair prices, not charity
• He advocated early frameworks for debt relief, laying the foundation for the later HIPC initiative
• He launched the Trade and Development Report (TDR) in 1981, giving developing nations their own analytical platform

His diplomatic skill, calm leadership, and unwavering commitment to equity earned him global respect.

The “Corea Plan” and the North–South Dialogue

One of his most ambitious contributions was the Integrated Programme for Commodities (IPC), later known as the Corea Plan. He recognised that developing countries struggled because they exported raw materials whose prices fluctuated wildly.

His solution was bold:

• Negotiate 18 major commodity agreements together, giving producers more bargaining power
• Create international buffer stocks to stabilise prices
• Establish a central fund, the Common Fund for Commodities, to finance these operations

After years of negotiations led by Dr. Corea, the Common Fund was finally established in 1989. Though not realised in full due to strong opposition from industrialised nations, the institution still survives today in Amsterdam.

Later Life and Enduring Legacy

After returning to Sri Lanka, Dr. Corea continued contributing to national and global development:

• He founded the Institute of Policy Studies (IPS) and served as its Chairman for almost two decades
• He played an important role in the South Commission and later chaired the South Centre
• As Chancellor of the Open University, he promoted the expansion of distance learning
• He served as the first President of the Sri Lanka Economic Association
• He established the Gamani Corea Foundation to preserve his vast research library and promote development studies

In 1986, he received the national title Deshamanya for his outstanding service to the country. Dr. Gamani Corea passed away on November 3, 2013, leaving behind a legacy of wisdom, leadership, and unwavering commitment to a fairer economic world for developing nations.