Politics · Sri Lanka Bureau
Cabinet green-lights State Assets Management Act redraft for Parliament
Sri Lanka's Cabinet has approved plans to gazette a redrafted State Assets Management Act, paving the way for parliamentary consideration of the legislation. The move aims to strengthen governance frameworks around state-owned assets.
LSN Sri Lanka ·
The Cabinet on 22 July 2024 granted approval to publish the draft bill of the State Assets Management Act in the government gazette notification, setting the stage for its presentation to Parliament for formal concurrence.
The decision represents a significant step in legislative reform aimed at enhancing the management and oversight of state-owned assets. The redrafted legislation is intended to establish clearer frameworks and accountability mechanisms for government property and resources.
However, the proposed bill faced procedural challenges when Parliament was subsequently dissolved, preventing the measure from advancing through the legislative process at that time. The timing has necessitated a reassessment of the bill's parliamentary trajectory.
The State Assets Management Act framework is considered crucial for improving transparency and efficiency in how government manages its diverse portfolio of assets, ranging from real estate to infrastructure and other valuable holdings across the country.