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Last Updated : 2024-04-23 22:35:00
9 March 2023 03:45 am - 12 - {{hitsCtrl.values.hits}}
The government will bring in an anti-corruption bill to Parliament shortly, as agreed with the International Monetary Fund (IMF) when entering a staff-level agreement last September, Cabinet Spokesperson Minister Bandula Gunawardana said.
Introducing new anti-corruption laws to reduce corruption vulnerabilities to unlock Sri Lanka’s growth potential was among the key objectives of the IMF-supported programme agreed with, last September.
Gunawardana said Justice, Prison Affairs and Constitutional Reforms Minister Wijeyadasa Rajapakshe has already drafted a bill in this regard and it would be shortly presented to Parliament for approval.
After fulfilling all ‘prior actions’, Sri Lanka has now received financing assurances from all its major bilateral creditors to seek the approval of the IMF’s Executive Board for the US $ 2.9 billion loan facility, via the Extended Fund Facility agreed under the staff-level pact.
China’s Exim Bank this Monday gave fresh written financing assurances, expressing its support for Sri Lanka’s debt restructuring efforts. Upon receiving the financing assurance, on the same day, President Ranil Wickremesinghe and Central Bank Governor Dr. Nandalal Weerasinghe signed the Letter of Intent and had sent it to the IMF.
IMF Managing Director Kristalina Georgieva on Tuesday said 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 the 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.
While the COVID pandemic and economic mismanagement are widely blamed for the current crisis in Sri Lanka, endemic corruption at all levels has also been identified as a key contributor to Sri Lanka’s social and economic turmoil.
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.
Wickremesinghe recently told Parliament that his government, together with the World Bank and United Nations, would include a stolen asset recovery initiative into the new anti-corruption bill that is to be presented to Parliament soon.
Amaran Thursday, 09 March 2023 08:24 AM
PLEASE bring in the " anti-corruption bill" This is one of the most important actions required to SAFEGUARD the country from the looters.
Ranjan Thursday, 09 March 2023 09:20 AM
If you want to eradicate the corruption virus that's only way by removing the existing ministers and at lest 90% of the MPs. You don't need IMF support. Its crystal clear
Karalasingam Sivalingam Thursday, 09 March 2023 09:30 AM
This is one of the best laws to be introduced in Sri Lanka. Hasten the law to be passed in parliament on a priority basis. All political parties were campaigning against corruption, but so far none has been reprimanded.
sunil Thursday, 09 March 2023 09:35 AM
what is the point of bringing any laws when it is not applicable to the politicians
ajith Thursday, 09 March 2023 09:36 AM
if existing laws are applied to politicians there will be no need for any new laws
Premalal Perera Thursday, 09 March 2023 10:08 AM
This would be like Turkeys voting for an early Christmas. It would never happen
Rob Thursday, 09 March 2023 10:38 AM
We live in the 21st century no anti corruption law for recovery government asserts financials in sri lanka yet...waiting for the grant then implement great...no wonder country have no money anyone easly take what ever...no wonder people don't want to give up..
Christo Thursday, 09 March 2023 10:52 AM
Corruption begins from the lowest staff member of state institutions soliciting bribes and ends with ministers taking commission. So does this so called legislation address all that or just another half baked un enforceable piece of paper.
johan Thursday, 09 March 2023 11:34 AM
As long as the present rulers are there this bill will not work.They are the people who opposed and removed from 19A the Special Court installed for Financial Crimes.
Ram Thursday, 09 March 2023 12:23 PM
I thought IMF required to investigate the stolen money in an attempt to get the stolen money. Anti corruption laws will not bring the stolen money back
Reformist Thursday, 09 March 2023 01:17 PM
One thing is to introduce a law, another thing is to implement it. The day you bring those corrupt politicians and public servants to justice and prosecution will be the day IMF will be happy. Don't get fooled that IMF will get their hands off on this soon. They are giving away money from non corrupt countries to a heavily corrupt country. They need to be accountable for the taxpayers of those non corrupt countries. This is only the beginning. IMF money is not one contributed by countries like SL.
anton Friday, 10 March 2023 08:16 AM
Anticorruption Laws have already been incorporated in the constitution but cases are not going forward without proper evidence filed by the AG's department due to unknown reasons. May be its politicized or under pressure from higherups'. Anticorruption Laws are of no use if the Judiciary not allowed to function independently
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