Cabinet nod to set up National Debt Management Institute

The Cabinet of Ministers this week gave approval for the establishment of a National Debt Management Institute.

The supplementary budget of 2022 emphasised the need for creating a State Loan Management Institute, as part of institutional reforms. Enhancing loan management and transparency has been identified as a top priority, even within the framework of the International Monetary Fund’s (IMF) loan facility.

The government said the IMF and World Bank have offered technical assistance for the establishment of this proposed state loan management institute.

The plan for reforming loan management, institutional structure for loan management and legal framework has all been devised at this stage.

Consequently, the Cabinet has endorsed the resolution presented by the acting Finance, Economic Stabilisation and National Policies Minister to instruct the Legal Draftsman to prepare the State Loan Management Act.