CoPF green lights Public Debt Management Bill

Thursday, 23 May 2024 03:13 - - {{hitsCtrl.values.hits}}

CoPF) Chairman and MP Dr. Harsha de Silva

Committee on Public Finance (CoPF) Chairman and MP Dr. Harsha de Silva yesterday confirmed that it approved critical Public Debt Management Bill.

In a post via ‘X’ he said the move allows establishing a debt office in the Finance Ministry; regulates Government debt and ensures accountability.

“It (Bill) stops SOEs from burdening taxpayers with risky borrowing and forces reform or closure. Strengthens oversight to prevent future crises,” Dr. de Silva added.

The Public Debt Management Bill will provide for public debt management including the authorisation to borrow, to issue and to service public debt for the Government and issuing guarantees, on lending, enter into suppliers’ credit and financial lease agreements; for the establishment of the Public Debt Management Office and for matters connected therewith of incidental thereto.

On 18 April 2024, the Government published it in the Gazette and on 26 April 2024 President Ranil Wickremesinghe in his capacity as the Finance, Economic Stabilisation and National Policies Minister tabled the Bill in Parliament.

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