The government has decided to prepare a revised State Asset Management Bill, suspending further action on the legislation previously published in the Extraordinary Gazette on August 02, 2024.
The Cabinet of Ministers has approved a proposal submitted by President Anura Kumara Dissanayake, in his capacity as Minister of Finance, to instruct the Legal Draftsman to prepare a new Bill based on recommendations made by a committee of experts.
According to the Cabinet decision, approval had previously been granted on July 22, 2024, to publish the State Asset Management Bill in the Government Gazette and subsequently submit it to Parliament for approval.
However, the Bill could not be passed due to the dissolution of Parliament in October 2024.
Following this development, a committee comprising government officials and subject experts was appointed to further examine the proposed legislation.
The committee subsequently identified amendments required to the original Bill and prepared a preliminary draft incorporating the proposed changes.
Accordingly, the Cabinet has approved suspending further action on the Bill published in August 2024 and proceeding with the preparation of revised legislation based on the committee’s draft. (Newswire)
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