Parliamentary committee raises concerns over debt servicing costs

Sri Lanka
By Editor_1

COLOMBO – The Parliamentary Committee on Public Finance (COPF) has raised concerns over the impact of rising government borrowing, interest rate volatility and the depreciation of the Sri Lankan rupee on the country’s debt servicing costs, stressing the need for closer coordination between the Central Bank of Sri Lanka and the Ministry of Finance.

The concerns were raised during a recent meeting of the Committee, chaired by MP Harsha de Silva, to examine the first Annual Report (2025) of the Public Debt Management Office (PDMO), established under Section 33 of the Public Finance Management Act, No. 44 of 2024.

Committee members focused on the increase in government borrowing during 2025 and its implications for debt sustainability, highlighting the importance of effective coordination between the Central Bank and the Ministry of Finance in managing public debt.

Officials informed the Committee that the Public Debt Management Office was established to consolidate all public debt management functions under a single institution.

Its key responsibilities include managing government debt, ensuring debt sustainability, formulating medium-term debt management strategies and submitting an annual report on public debt management to Parliament.

The Committee also reviewed the operational capacity of the Office, identifying significant human resource gaps and the need to strengthen technical expertise in international financial markets and modern debt management practices.

Officials briefed members on capacity-building programs expected to be implemented with technical assistance from the International Monetary Fund (IMF).

Following the discussions, the Committee directed the Public Debt Management Office to submit a comprehensive training needs assessment within two weeks.

The assessment is expected to identify knowledge and skills gaps among staff, support the preparation of an annual training plan and guide future budget allocations for specialised training in areas including international financial market operations, debt management and risk management.

The Committee also reviewed government guarantees extended to state-owned enterprises (SOEs), progress on Sri Lanka’s debt restructuring program and measures aimed at strengthening transparency, accountability and operational efficiency in public debt management.

-ENCL

Editor_1
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