From Lawrence tissera
COLOMBO: Sri Lanka’s Parliament has approved an anti-corruption bill, aimed at improving governance in the crisis-hit country and meeting requirements linked to a $2.9bn bailout from the International Monetary Fund (IMF).
The legislation was passed on Wednesday without a vote in the 225-member house.
“The bill is passed with amendments,” Sri Lanka Parliament Speaker Mahinda Yapa Abeywardena told lawmakers after more than two dozen pages of amendments were included in the draft legislation during the morning session.
Sri Lanka’s economy nosedived into the worst financial crisis in more than 70 years after a severe foreign exchange crunch last year forced the island nation to default on its foreign debt, which led to soaring inflation and rapid depreciation in its currency.
But the country’s fortunes improved after it locked down a $2.9bn programme with the IMF in March, which included introducing new anti-corruption legislation to strengthen governance and bring it in line with the United Nations Convention Against Corruption.
This is the first time an IMF programme has been linked to such a measure in Asia.
The Anti-Corruption Bill increases the powers and resources allocated to Sri Lanka’s Commission to Investigate Allegations of Bribery or Corruption, which is mandated with carrying out major investigations. It can now conduct joint investigations with local and international counterparts.
