ECONOMYNEXT – Sri Lanka’s new anti-corruption bill that came in the wake of an agreement with the International Monetary Fund (IMF) was passed with amendment in parliament without a vote.
Amendments proposed by the Minister and “certain amendments” proposed by the opposition were incorporated during the committee stage reading of the bill on Wednesday July 19, parliament said in a statement.
Sri Lanka gazetted the bill after the IMF approved a 2.9 billion US dollar loan which required the crisis-hit nation to address corruption vulnerabilities.
President Ranil Wickremesinghe said on April 02 that Sri Lanka would enact key points of its agreement with the IMF into law upon parliamentary approval, one of which would be new anti-corruption legislation.
Some of the objectives of the new act are 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, enhance public confidence in government and strengthen public participation to eradicate corruption.
The act also envisions establishing an independent commission to exercise and perform the powers and functions under the act and to carry out the responsibilities imposed. The said commission 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.
The act will enable the authorities to conduct and coordinate educational activities on the prevention of bribery and corruption, 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, and 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.
In the lead up to its board approval of the 2.9 billion dollar loan, the IMF had urged Sri Lanka to reduce corruption vulnerabilities through improved fiscal transparency and public financial management, introducing a stronger anti-corruption legal framework, and conducting an in-depth governance diagnostic, supported by IMF technical assistance.
A top IMF official said in May that the governance diagnostic report is expected to be completed by September and the global lender will spell out measures to improve the island nation’s governance system.
Sri Lanka is the first country in Asia to undergo an IMF governance diagnostic under the global lender’s key structural reform to address corruption vulnerabilities and enhance growth. (Colombo/Jul20/2023)