Cabinet clears to gazette repeal of Foreign Debt Act of 1957 and amendments

Thursday, 27 March 2025 04:32 - - {{hitsCtrl.values.hits}}

The Cabinet of Ministers on Monday approved publishing the draft of the abolition of the Foreign Debt Act No. 29 of 1957, as its provisions have now been integrated into the Public Debt Management Act No. 33 of 2024 in the Government Gazette, after which it will be presented to Parliament for approval.

“The Attorney General’s clearance has been obtained for the Foreign Debt (Abolishment) Draft, which was prepared by the Legal Draftsman,” Cabinet Spokesman and Minister Dr. Nalinda Jayatissa said at the weekly post-Cabinet meeting media briefing yesterday.

The decision follows the policy agreement reached at the Cabinet meeting on 9 December 2024 to streamline foreign debt management under a single legislative framework.

The move aims to modernise debt management structure, ensuring greater transparency and efficiency in handling foreign loans and financial obligations.

The proposal to this effect, submitted by President Anura Kumara Disanayake in his capacity as the Finance, Planning and Economic Development Minister, was approved by the Cabinet of Ministers.