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Legal reforms for economic stabilization, soon

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COLOMBO (News 1st) – The National Council Sub-Committee for Identifying Short- and Medium-Term Programs related to Economic Stabilization said that proposals for the reform of laws related to the economic stabilization of the country will be presented to the country at the end of December.MP Patali Champika Ranawaka, who is also the Chairman of the Sub-Committee said that it is important to discuss whether there are shortcomings in the law among the reasons that led to the country's economic bankruptcy and to discuss the next steps to be taken.The experts who participated in the committee expressed their views on the reforms that should be made in the country's legal system to obtain local and international support to create economic stability in the country, said the Parliament Media Division.The role of the Central Bank, the role and accountability of the Treasury, the role and accountability of the government, and the accountability of government officials, politicians and the business community dealing with them were discussed at the committee.

Also, proposals were presented on the need for a large-scale anti-corruption process and the importance of implementing the law on assets and liabilities.Officials of the Ministry of Justice said that 55 new laws and amendments to existing laws are currently underway.The senior lawyers pointed out that due to the Covid pandemic situation, the number of cases pending in the courts is high, so the trials should be managed efficiently..

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IMF’s Georgieva to press for quicker action on debt relief with China
(Reuters) – International Monetary Fund Managing Director Kristalina Georgieva said on Thursday that she will travel to Beijing next week with heads of other international institutions to press for quicker action on debt relief for poor and developing countries.The meetings with the country's leadership will focus on China's economic, COVID-19 and debt relief policies and will include officials from China Development Bank and the Export-Import Bank of China, the IMF said."This is the first time, hopefully, we will be able to sit together and discuss the very pressing issues that China, and the world are faced with," Georgieva told the Reuters NEXT conference.Georgieva said that during the Beijing meetings she intends to discuss ways to accelerate China's participation in debt relief for poor and developing countries as the world's largest official bilateral creditor."I am very hopeful that when we have a chance next week to discuss these issues, we will continue on a path of finding better solutions and strengthening the capacity of the common framework to deliver," she said, referring to G20 countries' slow-to-launch common debt restructuring framework.World Bank President David Malpass told the conference that he would join the discussions in Beijing, along with officials from the World Trade Organization, Organization for Economic Cooperation and Development and others.Georgieva and Malpass have both called for reforms of the common framework to offer heavily indebted countries a freeze in debt service payments when they apply for debt relief and clearer timelines for reaching agreement on debt treatments.Asked if China's slowing growth would limit its appetite for agreeing to debt reductions, Georgieva said she hoped
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