Cabinet approves redrafting of State Assets Management Bill

Sri Lanka’s Cabinet has decided to discontinue further proceedings on the State Assets Management Bill published in 2024 and arrange for a new version. The Legal Draftsman is to prepare that bill using a preliminary revision developed by a committee of public officials and subject-matter specialists.

Cabinet first approved the bill on July 22, 2024, for publication and presentation to Parliament. It was published in an Extraordinary Gazette on August 2, but Parliament’s dissolution in October 2024 meant the measure was not enacted.

A special committee was later established to review the proposed legislation. Lanka Business Online reports that the committee proposed several changes to strengthen the bill and bring its framework into line with governance and asset-management standards. The Cabinet’s decision followed a proposal submitted by the President in his role as Minister of Finance, Planning and Economic Development.

Written automatically by AI from the outlets’ own reports, and not reviewed by an editor. It can be wrong — the original report is the authority.