The proposal to raise an amount of 100,000 crore rupees locally from treasury bills was passed by Parliament today (12).
This proposal was presented by the Colombo District Parliamentarian. Madhura Withanage.
Mr Madhura Withanage informed the House that the proposal will be submitted under the Local Treasury Bills Ordinance, which was referred to the Parliamentary Committee on Government Finance.
Borrowing from Treasury bills was so far within the limit of five lakh crore rupees (five thousand billion).
With the new proposal, the limit will be increased to six lakh crore rupees (6,000 billion).
The approval of the Parliamentary Affairs Committee and the Parliamentary Finance Committee was received yesterday (11) to submit this proposal.
Minister of State for Finance Shehan Semasinghe said that by taking short-term loans in this way, the amount to be paid for interest will be reduced, rather than obtaining funds from treasury bonds.
This proposal was also approved by the cabinet.
