Transparency and int’l cooperation key to debt management - Semasinghe

State Minister of Finance Shehan Semasinghe states that Sri Lanka’s experience demonstrates that effective debt management is not just about managing numbers but also about building robust institutions and capacities. 

Semasinghe made this remark while speaking on “The Role of Debt Management in Navigating Crises” at the 14th Debt Management Facility (DMF) Stakeholders’ Forum held in Livingstone, Zambia.

Posting on ‘X’, the Finance State Minister said that he shared the experiences of Sri Lanka which can provide valuable lessons for others and explored the critical elements of capacity building and sound institutional practices in managing debt, particularly in the context of economic challenges. 

Furthermore, he has stated during the forum that this journey underscores the importance of transparent, accountable governance and the need for international support and cooperation in times of crisis. 

“Sri Lanka prioritized addressing gaps in public debt management by drafting a consolidated Public Debt Management Act, ensuring clarity and legal robustness and establishing a centralized Public Debt Management Office with operational autonomy”, he added.

Moreover, Semasinghe has also expressed that the role of debt management in navigating crises is multifaceted and critical, adding that by investing in capacity building, adhering to sound institutional practices, and strategically managing debt restructuring and liability operations, countries can better withstand economic shocks and pave the way for sustainable recovery.