Public Debt Management Act to Take Effect from Today

• 5opn1
• November 25, 2024
• Political
• Public Debt Management Act to Take Effect from Today
• 0 Comments

President Anura Kumara Dissanayake has issued an extraordinary gazette to enforce the Public Debt Management Act starting today.

The Public Debt Management Bill, passed in Parliament with amendments on June 7, introduces several key provisions, including the authorization of public borrowing, debt issuance, and servicing.

Additionally, the Act mandates the establishment of a Public Debt Management Office to streamline debt-related operations

The Central Bank would assist the Finance Ministry in establishing this unit called the Public Debt Management Agency (PDMA) n accordance with the act.

The intention of setting up such an independent institution under the Finance Ministry is to carry out public debt management or public debt servicing at a more optimal level.