'Public Debt Management in Sri Lanka'

The Government has entrusted the responsibility of public debt management to the Central Bank of Sri Lanka, since its inception in 1950 under the authority of the Monetary Law Act No. 58 of 1949.

Accordingly, the Public Debt Department of the Central Bank is engaged in activities related to raising funds for government operations by issuing various debt instruments in the domestic and international markets; servicing of public debt; ensuring the smooth functioning of the government securities market; managing risks in the domestic debt portfolio; and maintaining data bases on domestic debt and the title registry of public debt ownership.

In order that the public is kept informed of the framework under which these activities are being carried out and in the interest of good governance and transparency, the Central Bank of Sri Lanka, on December 17, released a publication titled "Public Debt Management in Sri Lanka".

This publication is available in Sinhala, Tamil and English, and could be accessed or downloaded from the Central Bank website: www.cbsl.gov.lk.

The purpose of this new publication is to enhance awareness among the public about public debt management strategies adopted during 2006 and 2007, the current status of the debt stock, and the way forward strategies for 2008 and beyond.

The publication also provides a comprehensive analysis of public debt and discusses the environment in which the public debt has been managed, during 2006 and in the first half of 2007.

The Central Bank of Sri Lanka expects to issue this publication annually in the future to improve the transparency and accountability of debt management operations of the government and share with the public, the strategies and issues of managing the public debt.

The next publication covering the entirety of the year 2007 would be published in March 2008.