Economic Transformation and Public Financial Management bills tabled in Sri Lankan Parliament

Parliament of Sri Lanka

The Economic Transformation Bill and the Public Financial Management Bill were presented to the Sri Lankan Parliament today (May 22).

The Sri Lankan government says these bills aim to strengthen the economy.

The Economic Transformation Bill seeks to prevent future economic collapses and reflects President Ranil Wickremesinghe’s vision.

The Public Financial Management Bill focuses on better management of public finances to avoid economic crises and aligns with recommendations from a program with the IMF.

State Minister of Finance Shehan Semasinghe emphasized the importance of these bills for economic stability and growth.

The Economic Transformation Bill includes reforms for international trade, climate change, and establishing a new Economic Commission to attract investments.

It outlines goals for sustainable growth, debt management, and economic governance.

The Public Finance Management Bill addresses current weaknesses and aims to create a robust legal framework for future financial management.