Former Finance Ministry Secretary Dr. R. H. S. Samaratunga yesterday (20) said Sri Lanka’s successful exit from bankruptcy, achieved through debt restructuring within a brief span of two and a half years following an unprecedented economic crisis, serves as a model for other nations experiencing similar challenges.
The government has now managed to restructure the debt in three ways to pay back debt amounting US$ 84 billion. He also said that Sri Lanka has been able to restructure and receive concessions for debt amounting to US$ 17.5 billion.
In addition, the former secretary also emphasized that the government has enacted five Acts to ensure that Sri Lanka does not become economically bankrupt again, irrespective of the party in power.
The Central Bank of Sri Lanka Act has been introduced to prevent printing of money, at will. The Public Financial Management (PFM) Act of 2024 has been brought to prevent arbitrary spending of people’s money on political needs.
The Fiscal Responsible Management Act has been brought to prevent arbitrary spending of people’s money on political needs.
The government has introduced the Public Debt Management (PDM) Act of 2024 to guide the government to deal with strict discipline in obtaining credit facilities.
(dailynews.lk)
