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srilawsby aturio
As enacted
Contents

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

26. Borrowing and issuance of guarantees to and by State owned enterprises

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

(1)

Any public issue of debt securities and any raising of funds denominated in foreign currency by a State owned enterprise shall comply with the debt reduction objective pursuant to any law for the time being in force relating to fiscal responsibility and public financial management and shall require prior written approval of the Minister.

(2)

The approval of the Minister under subsection (1)

shall be accompanied by an assessment of the proposed debt based on the debt reduction objective, the current and projected fiscal, financial and debt environment. The criteria for assessment, the procedure and such other matters pertinent to the assessment may be as prescribed.

(3)

For the purpose of obtaining approval for the public issue of debt securities and raising of funds under subsection (1), State owned enterprises shall submit to the Office all terms and conditions for each of these planned borrowings and a copy of the debt contract after the borrowing has taken place.

(4)

Any issuance of guarantees to and by a State owned enterprise shall require the prior written approval of the

Minister.

Read on from s 27

Part VIII

Offences and Penalties

Read on from Part VIII

Part IX

General

Read on from Part IX