Government to present new anti-graft law to P’ment ahead of IMF Board meeting

• IMF Executive Board to consider SL’s staff level agreement on March 20 for approval 
• Draft anti-corruption legislation is a key component of the proposed IMF programme
• Govt. says bill has been drafted with extensive consultations from various stakeholders

Ahead of the International Monetary Fund (IMF) Executive Board Meeting on March 20, the Cabinet green-light has been received to present the draft anti-corruption legislation to parliament for approval in an expedited manner.

Bandula Gunawardana

Prison Affairs and Constitutional Reforms Minister Wijeyadasa Rajapakshe sought the approval of the Cabinet of Ministers on Monday to publish the anti–corruption draft bill on the government gazette notification and furnish the same to parliament for approval. The Attorney General has also granted clearance for the draft anti-corruption bill prepared by the Legal Draftsman. Cabinet Spokesperson Minister Bandula Gunawardana highlighted the proposed anti-corruption legislation as a key component of the envisaged IMF programme.
The government agreed to bring in a new anti-corruption legislation when entering the staff-level agreement last September with the IMF.  

The IMF highlighted the need for the introduction of new anti-corruption laws to reduce corruption vulnerabilities to unlock Sri Lanka’s growth potential.
The Cabinet of Ministers in July last year approved the proposal to draft the new anti-corruption legislation. Gunawardana noted that the bill has been drafted with extensive consultations from various stakeholders.

Although Sri Lanka already has a substantial amount of anti-corruption laws, their implementation hasn’t been effective, largely due to the politicisation of the law enforcement agencies and anti-corruption bodies. 

The proposed legislation is inclusive of the establishment of an independent commission of inquiry
on bribery and corruption, which is accountable to parliament. 

It also proposes to appoint experts with more than 20 years of experience in the fields of law, forensic audit, accounting, engineering, international relations and diplomatic service, public administration as members of the commission.

In addition, the draft law has proposed to establish a separate director board to receive asset liability statements and to address related issues.

After receiving financing assurance from China, IMF Managing Director Kristalina Georgieva last week announced that she would be taking Sri Lanka’s staff-level agreement to the IMF Executive Board on March 20 for approval.

The seal of approval from IMF remains critical for the bankrupt nation to regain confidence from international investors, multilateral funds and other funding sources. 

It is expected that upon the IMF Executive Board approval, Sri Lanka would receive funds from the World Bank and Asian Development Bank, which have already been 
lined up.