Foreign Loans (Repeal) Act 2025

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

Official translationFrom Department of Government Printing, unchanged

s 1Short title

This Act may be cited as the Foreign Loans (Repeal)

Act, No. 6 of 2025.

s 2Repeal of Act, No. 29 of 1957

The Foreign Loans Act, No. 29 of 1957 is hereby repealed.

s 3Savings

Notwithstanding the repeal of the Foreign Loans

Act, No. 29 of 1957 (hereinafter referred to as the “Foreign

Loans Act”) –

(a)

every agreement relating to a foreign loan, a guarantee relating to a foreign loan and any contract, bond, promissory note or other document required by such agreement or guarantee signed under section 2 of the Foreign Loans Act and in force on the day immediately preceding the date of commencement of this Act shall, in terms of section 38 of the Public Debt Management

Act, No. 33 of 2024, be deemed, on and after the date of commencement of this Act, to have been validly signed under the Public Debt Management

Act; and

(b)

every order made to give effect to an agreement or guarantee referred to in paragraph (a), prior to the date of commencement of this Act under section 4

of the Foreign Loans Act, and in force on the day immediately preceding the date of commencement of this Act shall continue to be in force on and after the date of commencement of this Act, until the obligations under the agreement or guarantee referred to in paragraph (a) are fulﬁ lled.

s 4Sinhala text to prevail in case of inconsistency

In the event of any inconsistency between the Sinhala and Tamil texts of this Act, the Sinhala text shall prevail.

Printed at the Department of Government Printing