Sri Lanka and Thailand sign agreement for public debt management capacity building

Friday, 26 July 2024 00:04 - - {{hitsCtrl.values.hits}}

The Neighbouring Countries Economic Development Cooperation Agency (NEDA) of Thailand and Sri Lanka’s Finance Ministry, Economic Stabilisation and National Policies have signed a Record of Discussion (RoD) to launch a Capacity Building Program for officials attached to forthcoming Public Debt Management Office (PDMO).

This cooperation marks a significant step in strengthening the country’s fiscal framework and enhancing its capacity to manage public debt efficiently.

The agreement was signed in response to an invitation from the Department of External Resources of the Finance Ministry.

The NEDA delegation led by President Perames Vudthitornetiraks and including Director of Policy and Planning Rappipat Promnart and Policy Planning Analyst Wasit Anuntavichien, met with Treasury Secretary Mahinda Siriwardana during their visit to Sri Lanka.

The signing ceremony, which took place in Colombo, was also attended by Paitoon Mahapannaporn, the Amba-ssador of Thailand to Sri Lanka. As part of the agreement, NEDA will fund the training of 20-25 Sri Lankan officials in Thailand in October.

This initiative is critical as Sri Lanka aims to establish the PDMO by the end of the year, seeking to improve its public debt management practices and ensure long-term fiscal sustainability.

Treasury Secretary Siriwardana reflected on Sri Lanka’s recent economic crisis and highlighted the Government’s fiscal and monetary policy initiatives that have significantly contributed to the country’s recovery.

He emphasised the Government’s commitment to preventing future economic crises and noted the longstanding cultural and religious ties between Thailand and Sri Lanka, particularly through Theravada Buddhism.

Siriwardana also expressed optimism about future development cooperation between the two countries.

NEDA President Perames Vudthitornetiraks commended the progress made by the Sri Lankan Government and affirmed NEDA’s readiness to share its expertise in public debt management.

Department of External Resources Director General Ajith Abeysekera extended his gratitude to NEDA for accommodating the training program, which aims to equip officials with the skills and knowledge necessary for effective public debt management.