Sri Lanka Debt Management Bill receives go-ahead from cabinet

Jan 17, 2018 (LBO) – Sri Lanka’s cabinet on Tuesday decided to publish proposed Debt Management Bill in gazette and present it in parliament for approval. Cabinet earlier granted approval to draft the law to implement accountability management as a strategy for effective public debt management. Through this new bill Sri Lanka's public debt sustainability is to be managed at a national level. To avoid any possible risk, appropriate reform methods are to be followed. Following a proposal made by Prime Minister Ranil Wickremesinghe, the cabinet approval granted to publish this bill in the gazette and to submit it for parliament approval.
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CB Governor Indrajit Coomaraswamy said the new bill will enable the government to exceed the borrowing limit approved by the appropriation bill for specific purposes like liability management. Foreign liability management becomes an immediate priority as the economy is facing the largest ever foreign debt servicing requirements, clustered during 2019-2022. Finance Minister last year said the next 3 years will be crucial with debt repayments amounting to almost 7,000 billion rupees. This includes the repayment of international sovereign bonds which will mature every year amounting to almost 600 billion rupees. Finance Minister added that in 2018 alone, the debt repayment amounts to 1,970 billion rupees.