Acting Finance Minister Shehan Semasinghe announced plans to present two pivotal bills to Parliament on May 22, aiming to fortify Sri Lanka's economic framework. The proposed legislation, the "Economic Transformation Bill" and the "Public Financial Management Bill," are designed to enhance public financial management and prevent future economic downturns.

During a press conference at the Presidential Media Centre, themed ‘Collective Path to a Stable Country,’ Minister Semasinghe highlighted that the Economic Transformation Bill originates from President Ranil Wickremesinghe's vision, emphasizing its importance in maintaining the country's recent economic stability. The bill aims to foster economic growth, international trade, and climate change mitigation, and proposes the establishment of an Economic Commission to attract investments and enhance competitiveness.

The Public Financial Management Bill seeks to improve accountability in managing public finances, aligning with recommendations from the International Monetary Fund. This bill addresses weaknesses in current legislation and aims to create a robust framework for future financial management.

These legislative initiatives are part of broader efforts to reduce the public debt ratio from 128% in 2022 to below 95% by 2032 and to lower the fiscal requirement from 34.6% of GDP in 2022 to under 13% by 2032. The government also aims to reduce the debt payment ratio to below 4.5% by 2027, ensuring sustainable debt servicing and economic growth.