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Economic Transformation and Public Financial Management Bills to be Tabled in Parliament

May 22, Colombo (LNW): 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 stated that the bills include many provisions designed to create a favorable environment for investors. The bills aim to prevent Sri Lanka from facing another economic crisis by introducing several laws and regulations regarding public financial management and accountability.

The State Minister highlighted that the Economic Transformation Bill will pave the way to establish five new institutions, expediting the investment process in Sri Lanka. The bills will also include stringent laws to achieve expected economic growth, balance of trade, and debt repayment.

However, employees of the Board of Investment of Sri Lanka (BOI) have expressed concerns that the Economic Transformation Bill includes attempts to privatize certain BOI resources. On Tuesday (21), BOI employees launched protests in several areas across the island against the bill.

Ajith Hegoda Arachchi, Convener of the BOI Trade Union Collective, stated that the bill does not provide concessions for investors or solutions to their issues. He also expressed concerns over the bill’s failure to ensure job security for the 1,100 BOI employees.

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