By Nuzla Rizkiya

The government is in the lookout to purchase a new digital software from the Commonwealth Secretariat to maintain Sri Lanka’ public debt records, following the termination of the license for the existing system by the secretariat.

The move comes as a part of the government’s efforts to comply with the Public Debt Management Act No. 33 of 2024, which mandates the establishment of a Public Debt Management Office equipped with advanced systems to maintain timely, accurate and detailed information on public debt.

The Cabinet of Ministers approved this week a proposal presented by President Anura Kumara Dissanayake to proceed with obtaining a bid from the Commonwealth Secretariat for the purchase of the Commonwealth Meridian software. 

This bidding proposal will be initially reviewed by a Procurement Committee which will evaluate factors such as cost, ease of data transmission, system compatibility and data integrity.

The decision to purchase a new system came after the government consulted the IMF and World Bank delegation, who advised considering the Commonwealth Meridian system or the Debt Management and Financial Analysis System (DMFAS) provided by the United Nations Conference on Trade and Development (UNCTAD).
Up until now, the Public Debt Office was relying on the Commonwealth Secretariat Debt Recording and Management System (CS-DRMS) maintained by the Department of Foreign Resources to record information about Sri Lanka’s public debt.

However, the Commonwealth Secretariat discontinued the annual updates and extension of the CS-DRMS license as the system first released in 1985 had become too outdated.

The Secretariat had been phasing out the usage of the system from its member countries to encourage the migration to the more advanced Meridian platform.

The Public Debt Management Bill was a legislative Act passed in parliament in June 2024 with an aim to establish a legal framework to improve the management of public debt while ensuring that debt-related decisions are transparent and accountable to the general public.