Sri Lanka is undergoing a legislative transformation, with Treasury Secretary Mahinda Siriwardana revealing plans to introduce new laws and revise existing ones based on past experiences and lessons learned. The focus lies on structural reforms within executive and administrative setups, with proposed laws covering areas such as public finance, procurement, public-private partnerships, state enterprises, and offshore economic activities. This comprehensive review underscores a commitment to modernize governance structures and foster transparency and accountability. The proposed laws signify a proactive approach to adapt to evolving economic and regulatory landscapes, potentially paving the way for enhanced efficiency and effectiveness in governance and economic management systems.

The following new laws are being made:

1. Public Financial Management Bill
2.  Public Debt Management Bill
3.  Economic Transformation Bill
4.  Management of State Owned Enterprises Law
5.  Public Private Partnership (PPP) Law
6.  Investment Law
7.  Public Procurement Bill
8. Unified Labor Law Bill
9. Food Security Bill
10. Public Asset Management Bill
11. Microfinance and Credit Regulatory Authority Bill
12. Secured Transaction Bill
13. Offshore Economic Management Bill
14. New law for facilitating proposed agricultural land lease programme
15. Public Service Employment Bill
16. Sri Lanka Accounting and Standard Monitoring Act

Changes are planned to the following laws :

1. Amendments to Agrarian Development Act
2. Amendments to Excise Ordinance
3. Amendments to Customs Ordinance
4. Amendments to Finance Act
5. Amendments to Foreign Exchange Act.

Sri Lanka making new economic laws to embed structural reforms | Economy Next