Two key economic transformation Bills to Parliament tommorow
Two key economic transformation bills will be presented to Parliament on May 22, said State Minister for Finance Shehan Semasinghe.
The first would be the Economic Transformation Law and the second is the Public Finance Management Act.
The State Minister said that Economic Transformation Law will ensure that an economic crisis would not be repeated.He said that this act was not brought in from the IMF but by President Ranil Wickremesinghe to strengthen the economy.
“We have raised the Sri Lanka economy from a minus growth to a positive one and this law will ensure that this positive trend will continue.”
He said that the Public Finance Management Act is brought in taking into account some proposals made by the IMF and this too will go a long way to strengthen the Sri Lanka economy. A high growth will also ensure that Sri Lanka would be able to insulate against some of the negative shocks of the global economy that may come Sri Lanka’s way in the future.
These acts will also have provisions to safeguard Sri Lanka against some negative issues that may result from international trade, free trade agreements, and legal issues resulting from climate change. These acts will also help to create a better investment climate to woo more investors to the country which will help to increase FDI.
“We have also taken into account some of the negativities that arose in previous laws that were introduced to parliament on previous coactions.”
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