A record thirty-six bills are to be passed by parliament in August and September covering the financial sector, utilities regulation, the monetary authorities and fiscal management.
The first of these bills will be presented for Cabinet approval with in the next two weeks and will be put before parliament starting next month.
rn”The Prime Minister and the Finance Minister have already outlined the country about it. This requires a strong legislative background. And it will be a complete and self-contained programme, says Cabinet spokesman Prof. G.L. Peiris.
rnBank balance sheets will be cleaned up under a Bank Rescue Law. A Debt recovery and collection agency or RACA will be set up under the rescue law to take over the bad debts crippling the banking sector.
A multi sector utilities regulator will start regulating the electricity and the water supply. Set up under the proposed Public Utilities Commission law the regulator will eventually start regulating other services from gas to telecom.