Economic Transformation Draft Bill to formalise IMF targets

The Cabinet of Ministers has granted its consent to President Ranil Wickremesinghe’s proposal to publish the Economic Transformation Draft Bill in the government gazette notification and present it to Parliament for approval, Cabinet Spokesman and Mass Media Minister Dr. Bandula Gunawardhana said.

“This Bill is to ensure that the country continues on the path to recover from the existing financial crisis and also implement larger reforms to grow consistently,” the Minister said. He was speaking at the weekly Cabinet media briefing held yesterday at the Government Information Department.

Cabinet approval has been granted for the initial draft of the Economic Transformation bill in March this year and the Legal Draftsmen has been directed to present the formal draft Bill as soon as possible including the revisions suggested by the Attorney General as well.

The clearance of the Attorney General has been received for the draft Bill.

Minister Gunwardhana said that the new bill will cover key targets set by the International Monetary Fund (IMF) and Sri Lanka experienced its worst financial crisis in more than seven decades after its foreign exchange reserves sank to record lows in 2022 pushing the country to default on its foreign debt.

He further said that the country has seen its economy improve after a US$ 2.9 billion bailout was approved by the IMF last April and is expected to grow by three percent this year.

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