Sri Lanka's Parliament approves new anti-corruption bill
In a significant move aimed at combating the ongoing economic crisis, Sri Lanka's Parliament has granted approval to a crucial anti-corruption legislation on Wednesday.
This new legislation forms an integral part of the conditions set forth by the International Monetary Fund (IMF) for a bailout package sanctioned in March. As part of this package, the IMF has pledged to provide nearly 3 billion Us dollar in government budgetary support to assist the financially distressed nation. The bailout package is scheduled for its initial review in September.
The bill was unanimously passed without any opposition in the 225-member parliament, reflecting the consensus among the lawmakers on the urgency and importance of this measure.
The primary objective of the approved legislation is to combat bribery and corruption effectively. By doing so, it seeks to promote transparency, bolster accountability, and restore public confidence in the Sri Lankan administration.
The IMF has consistently emphasized that tackling corruption and implementing governance reforms are essential steps for enabling Sri Lanka to fully benefit from the ongoing economic recovery efforts.
The economic situation in Sri Lanka has been dire, with total debt exceeding a staggering 83 billion dollar. This comprises $41.5 billion in foreign debt and $42.1 billion in domestic debt, making the need for decisive anti-corruption measures even more critical.
With this new anti-corruption bill in place, Sri Lanka is taking a crucial step forward in its fight against corruption and its efforts to stabilize and rejuvenate the economy. The nation now looks ahead to the IMF's review in September, with the hope that these measures will pave the way for a more prosperous and transparent future.
.png "Advertisement")
