Economic Transformation Bill and Public Financial Management Bill presented to Parliament

The government presented the Economic Transformation Bill and the Public Financial Management Bill to Parliament yesterday (22).

Chief Government Whip Minister Prasanna Ranatunga presented the two Bills to the House. According to the governemnt, the Bills seek to ensure Sri Lanka will not face an economic crisis once again by introducing several laws and regulations regarding public financial management and accountability. Plans are in place to establish five new institutions through the Economic Transformation Bill, to expedite the investment process in Sri Lanka. The Bills include stringent laws regarding reaching the expected economic growth, the balance of trade, and debt repayment.

With the presentation of the two Bills to the House those who want to challenge them have a two-week window to go before the Supreme Court to obtain a ruling on their constitutionality.