Sri Lanka is now enduring a legislative transformation by introducing a series of new laws and amending prevailing ones taken into account on past experiences for future actions and performances, Finance Ministry sources acknowledged.
Over the past 16 months, the Parliament has enacted 42 new laws to facilitate the country’s economic transformation. An additional 62 laws will have to be passed through Parliament
These proposed laws are being devised covering areas such as public finance, procurement, public-private partnerships, state enterprises, and off shore economic activities.
This preemptive action will be paving the way for enhanced efficiency and effectiveness in governance and economic management systems.
In this context the government will take a major stride towards enacting the Economic Transformation bill in parliament soon after gazetting it next week most possibly with a view to transform and advance Sri Lanka to a modern, robust economy.
This bill was scheduled to be presented in parliament in February this year by IMF directives but was delayed for over two months due to final legal draft adjustments incorporating revisions forwarded by the Attorney General, a Finance Ministry official said.
The new legislation will ensure that all government policies focus on the transformation to a highly competitive export-oriented economy, he pointed out.
The Economic Transformation Bill includes provisions for the establishment of key entities such as the
Sri Lanka Economic Commission, Investment Infrastructure Corporation, International Trade Institute, National Productivity Commission and
Sri Lanka Economic and Trade Institute.
It has provisions for the establishment of key institutions such as the Economic Commission, Sri Lanka Zones of Investment, International Trade Office, Sri Lanka Economics and International Trade Institute and the National Productivity Commission.
Source: Sunday Times
