Speaker Karu Jayasuriya yesterday informed Parliament that the Supreme Court had determined that the provisions of Active Liability Management Bill are consistent with the Constitution.
Reading out the Supreme Court ruling at the commencement of sittings, the Speaker noted that the Court had informed him that nothing in the Bill was contrary to the provisions of the Constitution.
The government yesterday in Parliament presented a new Bill to authorise the raising of loans in or outside Sri Lanka for the purpose of Active Liability Management to improve public debt management.
The government presented the Bill for the first reading on Feb. 19. The objective of the Bill is to manage public debt to ensure the financing needs and payment obligations of the government are met at the lowest possible cost over the medium to long term consistent with a prudent degree of risk. The new Bill allows borrowing in advance for debt servicing in the future.