Sri Lanka presents Economic Transformation Bill in Parliament

24 May '24

1 min read

Sri Lanka presents Economic Transformation Bill in Parliament

Pic: Adobe Stock

Insights

The Economic Transformation Bill and the Public Financial Management Bill were presented to the Sri Lankan Parliament on May 22.
The Sri Lankan government says these bills aim to strengthen the country's economy.
The Economic Transformation Bill seeks to prevent future economic collapses and reflects President Ranil Wickremesinghe's vision.

The Sri Lankan Parliament witnessed the introduction of two significant bills: the Economic Transformation Bill and the Public Financial Management Bill recently. These legislative proposals are touted by the Sri Lankan government as essential steps towards fortifying the nation’s economy.

The Economic Transformation Bill, rooted in President Ranil Wickremesinghe’s vision, is designed to avert potential economic crises even as it aims to usher in reforms that would bolster international trade, address climate change concerns, and establish a new Economic Commission geared towards attracting investments.

The bill sets forth objectives for sustainable growth, effective debt management, and enhanced economic governance.

Similarly, the Public Financial Management Bill focuses on enhancing the management of public finances to pre-empt economic crises. It aligns with recommendations stemming from Sri Lanka's programme with the International Monetary Fund (IMF).

By addressing existing deficiencies, the bill seeks to establish a robust legal framework conducive to sound financial management practices in the future.

State minister of finance Shehan Semasinghe underscored the pivotal role these bills play in ensuring economic stability and fostering growth. Their enactment is envisioned as a proactive measure to prevent future economic downturns and facilitate sustainable development.

Fibre2Fashion News Desk (DR)