Sri Lanka is set to acquire a new software to manage its debt, following a proposal tabled by President Anura Kumara Dissanayake as the Minister of Finance.
Accordingly Cabinet approval has been granted to procure the Commonwealth Meridian software to guarantee the timely, accurate, and comprehensive recording of public debt data through an efficient system.
The Commonwealth Meridian is a web-based tool used by several member countries to proactively manage their debt.
Currently, Sri Lanka uses the Commonwealth Secretariat Debt Recording and Management System (CS-DRMS) to manage foreign debt, a system maintained by Sri Lanka’s Department Of External Resources.
However, the Commonwealth Secretariat has recently suspended updates and annual license extensions for CS-DRMS, the government said.
After discussions with technical missions from the International Monetary Fund (IMF) and the World Bank, two software options were identified as suitable replacements for the current system: the Commonwealth Meridian software, provided by the Commonwealth Secretariat, and the Debt Management and Financial Analysis System (DMFAS) from the United Nations Conference on Trade and Development (UNCTAD)
The Cabinet of Ministers has approved the President’s proposal to move forward with securing recommendations from a procurement committee appointed by the Cabinet to finalize the acquisition process, the government said. (Newswire)