Active Liability Management Act

• Coming into Force: 28 March 2018
• Act Number: 8
• Year: 2018
• Citation: No. 8 of 2018

Contenidos

• Short title and date of operation.
• Objective.
• Raising loans for the purpose of management of public debt.
• Settlement of obligations of the Government.
• Exemption from the application of the provisions of the Appropriation Act.
• Loans a charge upon Consolidated Fund.
• Reporting under the Fiscal Management (Responsibility) Act, No. 3 of 2003.
• Exemption from stamp duties.
• Protection for acts done in good faith.
• Regulations.
• Delegation of powers of the Minister assigned the subject of Finance.
• Offences.
• This Act to prevail over other laws.
• Interpretation.
• Sinhala text to prevail in case of inconsistency.

Short title and date of operation.

1. This Act may be cited as the Active Liability Management Act, No. 8 of 2018 and shall come in to operation on such date as the Minister may appoint by Order published in the Gazette.

Objective.

2. The objective of this Act shall be to manage public debt to ensure the financing needs and payment obligations of the Government are met at the lowest possible cost over the medium to long term consistent with a prudent degree of risk.

Raising loans for the purpose of management of public debt.

3. The Parliament may, during a particular financial year from time to time, by resolution, approve to raise sums of money, the total of which shall not exceed ten percentum of the total outstanding debt as at the end of the preceding financial year, as a loan whether in or outside Sri Lanka, in terms of the relevant laws for moneys to be raised including the provisions of the Monetary Law Act (Chapter 422), the Local Treasury Bills Ordinance (Chapter 417), Registered Stocks and Securities Ordinance (Chapter 420), or the Foreign Loans Act, No. 29 of 1957, for and on behalf of the Government for the purposes of refinancing and pre-financing of public debts of the Government.

Settlement of obligations of the Government.

4. (1) The Minister shall with approval of the Cabinet of Ministers and subject to the provisions of section 3 of this Act and section 114 of the Monetary Law Act (Chapter 422), decide on matters pertaining to and incidental to the refinancing and pre-financing of public debts including - (a) the sum of money to be raised by a loan; (b) the mode of raising such loan; and (c) the manner in which such payment obligations of the Government are settled as he may deem fit including the buying-back of existing debt and switching existing debt with new debt. (2) The decision made by the Minister under subsection (1) shall be communicated in writing to the Registrar through the Minister assigned the subject of Central Bank of Sri Lanka. (3) The Registrar may, subject to the terms of such communication and to any directions as the Minister may issue in that behalf - (a) make all such arrangements as may be necessary to raise such loan; and (b) effect such arrangements to settle obligations of the Government upon the most favourable terms that may be obtained in the interest of the Government.

Exemption from the application of the provisions of the Appropriation Act.

5. Any...