INSUBCONTINENT EXCLUSIVE:
Public Debt Management Act No
Under the provisions of Section 23 of the Act, the establishment of a Public Debt Management Office (PDMO) is mandated to ensure the timely,
accurate, and detailed recording of public debt data through an efficient system.Currently, Sri Lanka utilizes the Commonwealth Secretariat
Debt Recording and Management System (CS-DRMS) to manage its foreign debt, a system maintained by the Department of Foreign Resources
However, the Commonwealth Secretariat has recently suspended updates and annual license extensions for CS-DRMS, prompting the need for an
upgraded system.Accordingly, discussions have been held with technical missions from the International Monetary Fund (IMF) and the World
Bank on the establishment of the PDMO
Two potential software options have emerged as viable replacements for the current system: the Commonwealth Meridian software, offered by
the Commonwealth Secretariat, and the Debt Management and Financial Analysis System (DMFAS) from the United Nations Conference on Trade and
Development (UNCTAD).After careful consideration, the government has recommended the adoption of the Commonwealth Meridian software
This decision is based on several factors, including cost-effectiveness, ease of data transmission, data integrity, and the ability to
seamlessly integrate with existing systems, according to the Cabinet Office of Sri Lanka.Thus, the Cabinet of Ministers, who met on Monday
(14), has approved the proposal presented by President Anura Kumara Dissanayake as the Minister of Finance to procure the Commonwealth
Meridian software.The Cabinet of Ministers has approved the proposal and will proceed with obtaining recommendations from a procurement
committee appointed by the Cabinet to finalize the acquisition process, the Cabinet Office said, noting that this move is expected to
