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

1 min read
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.

Xinhua News Agency

Founded in 1931, Xinhua News Agency is one of the largest news organizations in the world, with over 10,000 employees across the globe. As the main source of news and information for China, Xinhua plays a key role in shaping the country's media landscape and communicating its perspectives to the world. The agency produces a wide range of content, including text news articles, photos, videos, and social media posts, in both Chinese and English, and its reports are widely used by media organizations around the world. Xinhua also operates several international bureaus, including in key capitals like Washington, D.C., Moscow, and London, to provide in-depth coverage of global events.

Leave a Reply

Your email address will not be published.

Latest from Blog