The Parliament of Sri Lanka has passed the ‘Public Debt Management Bill’ today, State Minister of Finance Shehan Semasinghe announced. This significant legislative step is set to transform the management of the country's public debt.
In a post on ‘X’ (formerly known as Twitter), Minister Semasinghe emphasized that the bill provides comprehensive measures for public debt management, including the authorization for the government to borrow, issue, and service public debt. The bill aims to streamline and strengthen the financial mechanisms underpinning the country's economic stability.
The new legislation will also empower the government to issue guarantees, engage in on-lending, and enter into suppliers’ credit and financial lease agreements. A key feature of the bill is the establishment of the Public Debt Management Office, which will oversee and coordinate these activities, ensuring efficient and transparent handling of the nation’s debt obligations.
“This bill marks a pivotal moment in our economic governance, providing a robust framework for managing public debt and safeguarding our financial future,” Semasinghe stated.
