Sri Lanka is set to enhance its public debt management capabilities with the establishment of a new software system, as mandated by the Public Debt Management Act No. 33 of 2024. This new initiative aims to ensure that timely, detailed, and accurate data on public debt is maintained in a robust data system.
Currently, the government utilizes the Commonwealth Secretariat Debt Recording and Management System (CS-DRMS) for managing foreign debt, a system that has been established and maintained by the Department of Foreign Resources. However, the Commonwealth Secretariat has recently halted updates and annual license extensions for the CS-DRMS.
In light of this development, discussions have taken place with technical missions from the International Monetary Fund (IMF) and the World Bank regarding the establishment of the new Public Debt Management Office. These discussions have highlighted the suitability of either the Commonwealth Meridian software from the Commonwealth Secretariat or the DMFAS software from the United Nations Conference on Trade and Development (UNCTAD).
Following careful consideration of factors such as cost-effectiveness, ease of data transmission, integrity maintenance, and system integration capabilities, the government has opted to propose the procurement of the Commonwealth Meridian software. The Cabinet has approved this proposal, which was presented by President Anura Kumara Dissanayake, who also serves as the Minister of Finance, Economic Development, Policy Formulation, Planning, and Tourism.
This strategic move is expected to strengthen Sri Lanka’s public debt management framework, facilitating better monitoring and reporting of public debt, ultimately contributing to the country’s fiscal stability and economic resilience.
