High-level panel sparks insightful dialogue on Sri Lanka’s new Public Debt Management Framework

Monday, 14 July 2025 01:32 - - {{hitsCtrl.values.hits}}

Snapshot from panel discussion

From left: APD Secretary Uditha Kaluarachchi, President Romesh Gomez, Central Bank of Sri Lanka Public Debt Department Superintendent and Registrar Yasantha Weerasinghe, Nithya Partners Precedent Partner Naomal Goonewardena, Ministry of Finance Public Debt Management Office Director General Udeni Udugahapattuwa, President’s Counsel Harsha Fernando, Frontier Research Senior Macroeconomist Thilina Panduwawala, APD Vice President Shameela Lokukaluge

Association of Primary Dealers President Romesh Gomez

Keynote speaker Harsha Fernando, PC

The Association of Primary Dealers hosted an exclusive panel discussion titled “The Future of Public Debt Management in Sri Lanka” on 8 July 2025 at the Galle Face Hotel, bringing together senior professionals from across the financial sector to examine the implications of the newly enacted Public Debt Management Act No. 33 of 2024.

The event featured leading voices including President’s Counsel Harsha Fernando, Ministry of Finance Public Debt Management Office Director General Udeni Udugahapattuwa,

Central Bank of Sri Lanka Superintendent of Public Debt N.D.Y.C. Weerasinghe, and Nithya Partners Precedent Partner Naomal Goonewardena, with moderation by Frontier Research Senior Macroeconomist Thilina Panduwawala.

The panel offered a critical analysis of the Act’s reforms, including the establishment of the Public Debt Management Office, the requirement for a five-year rolling debt strategy, and enhanced transparency through mandated auctions, borrowing plans, and public disclosure of terms for debt and guarantees.

These reforms were widely acknowledged as vital to improving accountability, operational efficiency, and risk governance in public debt management.

Attendees included representatives from finance companies, insurance firms, banks, and asset management companies, as well as officials from the Colombo Stock Exchange (CSE), the Securities and Exchange Commission (SEC), and principal officers from the Central Bank of Sri Lanka.

The event underscored the Act’s potential as a turning point in Sri Lanka’s fiscal architecture and concluded with a shared understanding of the need for continued collaboration among regulators, legal professionals, market participants, and policy institutions to ensure the full and effective implementation of the framework.

“As the industry moves toward greater transparency and sophistication, the Association of Primary Dealers remains committed to hosting knowledge-sharing forums of this nature and to playing an active, constructive role in shaping the future of Sri Lanka’s financial markets and public debt landscape,” said Association of Primary Dealers President Romesh Gomez.

Pix by Shehan Gunasekera

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