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Special gazette issued on domestic debt optimization

A special gazette notification on Domestic Debt Optimization (DDO) has been published on Monday (July 03) under which several directives are issued to the Finance Ministry Secretary and the Public Debt Registrar.

President Ranil Wickremesinghe issued the communiqué pursuant to the provisions of the Registered Stock and Securities Ordinance (Chapter 420) and the Constitution.

Following a full-day debate on Saturday (July 01), the parliament passed the Resolution on Domestic Debt Optimization with amendments, by a majority of 60 votes, with 122 votes and 62 votes against.

The government says the DDO strategy intends to optimize domestic public debt to ensure public debt sustainability and to secure a speedy transition to economic recovery followed by sustainable economic growth.

As per the gazette notification, the Finance Ministry Secretary and the Public Debt Registrar have been authorized to offer any stock or securities holder in Sri Lanka, under the provisions of the Ordinance or any other enactment, the option of converting or exchanging the holding as at June 28 or part thereof.

The communiqué also permits the conversion or exchanging of any stock or securities issued in Sri Lanka under the provisions of the Ordinance or any other enactment held by holders into Treasury Bonds to be issued under the Ordinance.

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