Press briefing of Cabinet Decision taken on 2023-09-25

Establishment of a Public Debt Management Institution (PDMA)

- The Importance of establishing an independent Public Debt Management Institution as an institutional reform has been emphasized through the Interim Budget of the year 2022 and improving debt management and transparency have also been identified as priority areas under the Extended Fund Facility of the International Monetary Fund. The International Monetary Fund and the World Bank have provided technical assistance for the establishment of the proposed Public Debt Management Institution. After consultation with relevant stakeholders, the debt management reform plan, debt management institutional framework and legal framework have now been designed. Accordingly, the proposal made by the Acting Minister of Finance, Economic Stabilization and National Policies to instruct the Legal Draftsman to draft the Public Debt Management Bill, was approved by the Cabinet.