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Sri Lankan gov’t to introduce 2 bills to bolster economy

The "Economic Transformation Bill" and the "Public Financial Management Bill" are designed to enhance public finance management and safeguard against future economic downturns

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Photo taken on March 29, 2024 shows the city view of Colombo, capital of Sri Lanka. (Xinhua/Xu Qin)

The Sri Lankan government will introduce two significant bills aimed at bolstering the country’s economy to parliament on Wednesday, a minister said on Monday.

The “Economic Transformation Bill” and the “Public Financial Management Bill” are designed to enhance public finance management and safeguard against future economic downturns, State Minister of Finance Shehan Semasinghe told a press conference.

Semasinghe said it is necessary to maintain optimal levels of public financial management to avert future economic crises, and the bills are aligned with recommendations from a collaborative program with the International Monetary Fund.

He said the legislation encompasses reforms essential for international trade, trade agreements, and climate change mitigation efforts.

In 2022, Sri Lanka’s public debt ratio stood at 128 percent, a figure slated to be reduced to less than 95 percent by 2032, said Semasinghe.

Similarly, the fiscal requirement, which was 34.6 percent of gross domestic product in 2022, aims to be lowered to below 13 percent by 2032, according to the minister.

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