Cabinet approves enhanced debt management system with Commonwealth Meridian Software

The Cabinet of Ministers at their meeting on Monday, approved to procure the Commonwealth Meridian Software, provided by the Commonwealth Secretariat.

The move comes as part of the country’s efforts to establish a robust Public Debt Management Office (PDMO) under the newly enacted Public Debt Management Act No. 33 of 2024.

The decision to acquire Commonwealth Meridian follows the Commonwealth Secretariat’s discontinuation of updates and licensing for the current Commonwealth Secretariat Debt Recording and Management System (CS-DRMS), which has been in use for managing Sri Lanka’s foreign debt.

The transition to a new system is essential to meet the requirements of Section 23 of the Act, which mandated that the PDMO maintain timely, detailed and accurate public debt data within an appropriate digital framework.

“The decision is subject to review by the Procurement Committee, which will evaluate the software based on factors such as cost-effectiveness, ease of data transmission, data integrity and system compatibility,” Cabinet Spokesman and Minister Vijitha Herath said at the post-Cabinet meeting press briefing yesterday.

The said committee will also compare the Commonwealth Meridian software with other options, such as the Debt Management and Financial Analysis System (DMFAS) offered by the United Nations Trade and Development Organisation (UNCTAD).

Both the International Monetary Fund (IMF) and the World Bank have been consulted during the planning process, with the institutions endorsing the transition to either the Commonwealth Meridian or DMFAS systems as appropriate for the country’s evolving debt management needs.

“The new software is expected to boost Government’s ability to track and manage its debt obligations, ensuring better financial transparency and accountability,” Herath added.