Sri Lanka has gazetted a new anti-corruption bill that is in line with the conditions listed by the International Monetary Fund (IMF) before approving the $2.9 billion loan to bail out the economic crisis-hit nation.

A gazette was published on Thursday on the order of Justice Minister Wijeyadasa Rajapakshe, listing some of the objectives of the proposed act.

These rules, according to the act, are meant to prevent and eradicate bribery and corruption in order to meet the just requirements of the general welfare of a democratic society; enhance transparency in governance; strengthen integrity of governance and increase accountability.

The provisions of the act, once passed, would pave way for the formation of an independent commission which will be mandated to conduct preliminary inquiries and investigations into, and to prosecute against, bribery, corruption, offences relating to declaration of assets and liabilities and associated offences.

If the draft bill is enacted, it will enable the authorities to introduce an effective system for the declaration of assets and liabilities in order to prevent illicit enrichment by public officials, promote inter-agency cooperation and international collaboration in preventing bribery and corruption.

It will also give effect to obligations under the United Nations Convention against corruption and any other International Convention relating to the prevention of corruption to which Sri Lanka is a party and recognise international standards and best practices in order to establish a culture of integrity in Sri Lanka.

Before approving the loan, the IMF had urged Sri Lanka to reduce corruption by improving fiscal transparency and public financial management and introducing a stronger anti-corruption legal framework.

On April 2, President Ranil Wickremesinghe said that the Sri Lankan government will enact key points of its agreement with the IMF into law upon parliamentary approval, one of which would be new anti-corruption legislation which would likely be enacted in May.&nbsp;

(With inputs from agencies) 
 
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Sri Lanka has gazetted a new anti-corruption bill that is in line with the conditions listed by the International Monetary Fund (IMF) before approving the $2.9 billion loan to bail out the economic crisis-hit nation.

Sri Lanka has gazetted a new anti-corruption bill that is in line with the conditions listed by the International Monetary Fund (IMF) before approving the $2.9 billion loan to bail out the economic crisis-hit nation. A gazette was published on Thursday on the order of Justice Minister Wijeyadasa Rajapakshe, listing some of the objectives of the proposed act. These rules, according to the act, are meant to prevent and eradicate bribery and corruption in order to meet the just requirements of the general welfare of a democratic society; enhance transparency in governance; strengthen integrity of governance and increase accountability. The provisions of the act, once passed, would pave way for the formation of an independent commission which will be mandated to conduct preliminary inquiries and investigations into, and to prosecute against, bribery, corruption, offences relating to declaration of assets and liabilities and associated offences. If the draft bill is enacted, it will enable the authorities to introduce an effective system for the declaration of assets and liabilities in order to prevent illicit enrichment by public officials, promote inter-agency cooperation and international collaboration in preventing bribery and corruption. It will also give effect to obligations under the United Nations Convention against corruption and any other International Convention relating to the prevention of corruption to which Sri Lanka is a party and recognise international standards and best practices in order to establish a culture of integrity in Sri Lanka. Before approving the loan, the IMF had urged Sri Lanka to reduce corruption by improving fiscal transparency and public financial management and introducing a stronger anti-corruption legal framework. On April 2, President Ranil Wickremesinghe said that the Sri Lankan government will enact key points of its agreement with the IMF into law upon parliamentary approval, one of which would be new anti-corruption legislation which would likely be enacted in May. (With inputs from agencies) WATCH WION LIVE HERE

Sri Lanka gazettes new anti-corruption bill to comply with IMF's 2.9 billion loan deal

Sri Lanka has secured a $3billion bailout from the International Monetary Fund (IMF) as it faces its worst economic crisis since independence. The deal has been nearly a year in the making and a lifeline for the country that has billions of dollars in loans.

IMF approves $3 billion bailout for bankrupt Sri Lanka

A Reuters report has said that the Export-Import Bank of China has offered Sri Lanka a two-year moratorium on its debt. It has also agreed to support the country's efforts to secure a $2.9 billion loan from the International Monetary Fund, according to a letter reviewed by Reuters.

Sri Lanka, a country of 22 million people, is facing its worst economic crisis in seven decades. China and India are the biggest bilateral lenders to the country.&nbsp;

India had committed to supporting Sri Lanka with financing and debt relief in a letter to the IMF earlier this month. It further said that Sri Lanka also needs the backing of China in order to reach a final agreement with the global lender.

Also Read |&nbsp;<a href="https://www.wionews.com/world/imf-welcomes-indias-support-for-sri-lankas-debt-restructuring-555389">IMF welcomes India's support for Sri Lanka's debt restructuring</a>

IMF had welcomed India's support to Sri Lanka as it will pave the way for a bailout amid the economic crisis the country is facing.&nbsp;

However, Sri Lankan sources told Reuters that China's letter, sent to the finance ministry on January 19, might not be enough for Sri Lanka to immediately gain the IMF's approval for the critical loan.&nbsp;

The latter states that China EximBank was going to provide "an extension on the debt service due in 2022 and 2023 as an immediate contingency measure" based on Sri Lanka's request.

"You will not have to repay the principal and interest due of the bank's loans during the above-mentioned period," the letter said.

"China EximBank wanted to expedite the negotiation process with your side regarding medium and long-term debt treatment in this period."

IMF data suggests that by the end of 2020, Sri Lanka owed China EximBank $2.83 billion or 3.5 per cent of the island's external debt. Sri Lanka owed Chinese lenders a total of $7.4 billion, or nearly a fifth of public external debt, by end-2022, calculations by the China Africa Research Initiative showed.

"The bank will support Sri Lanka in your application for the IMF Extended Fund Facility (EFF) to help relieve the liquidity strain," China's letter added.

An IMF spokeswoman confirmed to Reuters that the IMF’s management received India’s commitment. However, she didn't comment on the Chinese letter.

Sri Lanka's foreign and finance ministries and China's foreign ministry haven't commented on the matter.

A Sri Lankan source told Reuters that the country was expecting a clear assurance from Beijing, similar to what India provided to the IMF.

"China was expected to do more," the source said, "This is much less than what is required and expected of them."

(With inputs from agencies)

&nbsp;

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A Reuters report has said that the Export-Import Bank of China has offered Sri Lanka a two-year moratorium on its debt. It has also agreed to support the country's efforts to secure a $2.

A Reuters report has said that the Export-Import Bank of China has offered Sri Lanka a two-year moratorium on its debt. It has also agreed to support the country's efforts to secure a $2.9 billion loan from the International Monetary Fund, according to a letter reviewed by Reuters. Sri Lanka, a country of 22 million people, is facing its worst economic crisis in seven decades. China and India are the biggest bilateral lenders to the country. India had committed to supporting Sri Lanka with financing and debt relief in a letter to the IMF earlier this month. It further said that Sri Lanka also needs the backing of China in order to reach a final agreement with the global lender. Also Read | IMF welcomes India's support for Sri Lanka's debt restructuring IMF had welcomed India's support to Sri Lanka as it will pave the way for a bailout amid the economic crisis the country is facing. However, Sri Lankan sources told Reuters that China's letter, sent to the finance ministry on January 19, might not be enough for Sri Lanka to immediately gain the IMF's approval for the critical loan. The latter states that China EximBank was going to provide "an extension on the debt service due in 2022 and 2023 as an immediate contingency measure" based on Sri Lanka's request. "You will not have to repay the principal and interest due of the bank's loans during the above-mentioned period," the letter said. "China EximBank wanted to expedite the negotiation process with your side regarding medium and long-term debt treatment in this period." IMF data suggests that by the end of 2020, Sri Lanka owed China EximBank $2.83 billion or 3.5 per cent of the island's external debt. Sri Lanka owed Chinese lenders a total of $7.4 billion, or nearly a fifth of public external debt, by end-2022, calculations by the China Africa Research Initiative showed. "The bank will support Sri Lanka in your application for the IMF Extended Fund Facility (EFF) to help relieve the liquidity strain," China's letter added. An IMF spokeswoman confirmed to Reuters that the IMF’s management received India’s commitment. However, she didn't comment on the Chinese letter. Sri Lanka's foreign and finance ministries and China's foreign ministry haven't commented on the matter. A Sri Lankan source told Reuters that the country was expecting a clear assurance from Beijing, similar to what India provided to the IMF. "China was expected to do more," the source said, "This is much less than what is required and expected of them." (With inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

China offers Sri Lanka a two-year moratorium, ready to help secure $2.9bn loan from IMF

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Sri Lanka gazettes new anti-corruption bill to comply with IMF's 2.9 billion loan deal

IMF approves $3 billion bailout for bankrupt Sri Lanka

China offers Sri Lanka a two-year moratorium, ready to help secure $2.9bn loan from IMF