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As enacted
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Contents

Part III · Government Borrowing and Debt Management

11. Debt management strategy

Official English translation. The Sinhala text prevails. Open the official Sinhala text, official PDF on documents.gov.lk

(1)

Subject to the provisions of section 3, a medium term debt management strategy (hereinafter referred to as the “strategy”) for the management of the debt of the

Government shall be formulated and updated annually on a rolling five year horizon by the Office.

(2)

Such strategy shall be reviewed by the Minister and submitted to the Cabinet of Ministers for its final approval.

The Central Bank shall be given an opportunity to provide written comments on the draft strategy before the approval of the Cabinet of Ministers is granted.

(3)

The approved strategy shall be aligned with the medium term fiscal framework and published in the official websites of the Ministry of Finance and of the Office and tabled in Parliament not later than the second reading of the

Appropriation Bill of the year for which the strategy is prepared as an accompanying document of the Annual

Budget Document.

(4)

For the purposes of achieving the objectives under section 3, the strategy formulated and updated annually on a rolling five year horizon under subsection (1), constitutes the upcoming financial year and four succeeding financial years and shall take into account the following:–

(a)

the cost and risk embedded in the current public debt portfolio and outstanding derivative transactions;

(b)

future borrowing requirements;

(c)

the medium term fiscal framework;

(d)

market conditions; and

(e)

such other factors as may be relevant for the preparation of the strategy.

(5)

The approved strategy shall be reviewed and updated at least annually by the Office. The updated strategy shall be submitted to the Cabinet of Ministers for approval and published in the official websites of the Ministry of Finance and of the Office thereafter.

(6)

All borrowings and other debt management operations shall be in line with the strategy.

Read on from s 12

Part IV

Government Loan Guarantees, Government On-Lending, Suppliers’ Credit Agreements and Finance Lease Agreements

Read on from Part IV

Part V

Records and Publication of Public Debt and Finance Arrangements

Read on from Part V

Part VI

Annual Reporting to Parliament

Read on from Part VI

Part VII

Borrowing and Issuance of Guarantees by State Owned Enterprises and Reporting by Provincial Councils, Local Authorities and State Owned Enterprises

Read on from Part VII

Part VIII

Offences and Penalties

Read on from Part VIII

Part IX

General

Read on from Part IX