Economic Transformation Bill and Public Financial Management Bill to be tabled in Parliament

COLOMBO (News1st); The Economic Transformation Bill and the Public Financial Management Bill are scheduled to be tabled in Parliament on Wednesday (22).

State Minister of Finance Shehan Semasinghe said the bills include many provisions to create a favorable environment for investors.

He said the two bills will create the background to ensure Sri Lanka will not face an economic crisis once again, by introducing several laws and regulations regarding public financial management and accountability. 

The State Minister said plans are in place to establish five new institutions through the Economic Transformation Bill, to expedite the investment process in Sri Lanka.

State Minister Semasinghe said the bills will include stringent laws regarding reaching the expected economic growth, the balance of trade, and debt repayment.

However, employees of the Board of Investment of Sri Lanka (BOI) said attempts are being made to privatize certain resources of the BOI through the Economic Transformation Bill.

The employees launched protests in several areas across the island on Tuesday (21), against the bill.

Convener of the Board of Investment of Sri Lanka (BOI) Trade Union Collective Ajith Hegoda Arachchi said the bill does not include concessions for investors, or provide solutions to their issues.

He added that the bill also fails to ensure the job security of the 1,100 BOI employees.