The Sri Lankan government would introduce two significant bills aimed at bolstering the country’s economy to parliament on Wednesday, a minister said on Monday.

The “Economic Transformation Bill and the Public Financial Management Bill’’ are designed to enhance public finance management and safeguard against future economic downturns.

The State Minister of Finance, Shehan Semasinghe, said this during a news conference.

Mr Semasinghe said it was necessary to maintain optimal levels of public financial management to avert future economic crises, and the bills were aligned with recommendations from a collaborative programme with the International Monetary Fund.

He said the legislation encompassed reforms essential for international trade, trade agreements, and climate change mitigation efforts.

Mr Semasinghe said that in 2022, Sri Lanka’s public debt ratio stood at 128 per cent, a figure slated to be reduced to less than 95 per cent by 2032.

Similarly, the fiscal requirement, which was 34.6 per cent of gross domestic product in 2022, aimed to be lowered to below 13 per cent by 2032, according to the minister. 

(Xinhua/NAN)