Sri Lanka is setting up a Public Debt Management Office (PDMO) which is expected to be fully operational by January 2026, the Ministry of Finance said.

The Ministry issuing a statement said that the PDMO began operations on December 2, 2024, following the enactment of the Public Debt Management Act No. 33 of 2024, which came into effect on November 25.

The independent office aims to centralize and enhance the management of public debt, improve accountability, and promote transparency in borrowing practices.

The PDMO will oversee government debt, loan guarantees, on-lending operations, and public debt reporting. Key responsibilities include preparing a medium-term debt management strategy, coordinating domestic and external borrowings, and ensuring timely debt servicing.

Taking over relevant functions from the Central Bank, Department of External Resources, and Department of Treasury Operations, the office is expected to be fully operational by January 2026.

The Director-General, appointed by the Cabinet, will lead the office and report to the Minister of Finance.

State-Owned Enterprises and other entities must now coordinate borrowing plans with the PDMO, aligning with the provisions of the new law. (Newswire)

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