4. Settlement of obligations of the Government

Official English translation. Where it differs from the Sinhala or Tamil text, the Act itself says which text prevails.

(1)

The Minister shall with approval of the Cabinet of Ministers and subject to the provisions of section 3 of this

Act and section 114 of the Monetary Law Act (Chapter 422), decide on matters pertaining to and incidental to the refinancing and pre-financing of public debts including —

(a)

the sum of money to be raised by a loan;

(b)

the mode of raising such loan; and

(c)

the manner in which such payment obligations of the

Government are settled as he may deem fit including the buying-back of existing debt and switching existing debt with new debt.

(2)

The decision made by the Minister under subsection (1) shall be communicated in writing to the Registrar through the Minister assigned the subject of Central Bank of Sri Lanka.

(3)

The Registrar may, subject to the terms of such communication and to any directions as the Minister may issue in that behalf —

(a)

make all such arrangements as may be necessary to raise such loan; and

(b)

effect such arrangements to settle obligations of the

Government upon the most favourable terms that may be obtained in the interest of the Government.

Read on from s 5