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srilawsby aturio
As enacted
Contents

Part III · Government Borrowing and Debt Management

18. Liability management operations

Official English translation. The Sinhala text prevails.

(1)

The Minister or any other person specially authorised in writing by the Minister on behalf of the

Government may, in accordance with the provisions of section 3 and the strategy, undertake liability management operations including –

(a)

interest rate and currency swaps and other derivatives used as hedges against the financial risks embedded in the Government’s debt portfolio, having considered it prudent to do so for the purpose of effective public debt management;

(b)

buybacks and exchanges of Government debt securities; and

(c)

offering of early repayment of a loan prior to its date of maturity.

(2)

Transactions related to liability management operations shall not be subject to any gross or net issuance limit stipulated in the annual budget and shall comply with the debt reduction objective pursuant to relevant legislation on fiscal responsibility and public financial management.

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