Parliament passes Economic Transformation, Public Financial Management Bills

In a significant legislative stride, Parliament yesterday passed the Public Financial Management Bill and the Economic Transformation Bill, both crucial pieces of legislation aimed at boosting the country’s economic framework. 

The bills received unanimous approval following amendments made during the committee stage, culminating in their passage during the third reading without the need for a formal vote.

Presented to Parliament on 22 May 2024, these Bills have been heralded as pivotal to ensuring a sustainable economic trajectory for the nation and safeguarding against potential crises. 

State Minister of Finance Shehan Semasinghe expressed satisfaction at the successful passage of the Bills, noting their significance in fortifying the country’s economic resilience. 

“The Economic Transformation Bill, in particular, ensures consistency and continuity of policies,” he noted via a post on ‘X’.

Semasinghe also extended gratitude to all Parliamentary members who supported the Bills, underscoring their collective commitment to advancing economic reforms.