The "Economic Transformation Bill" and the "Public Financial Management Bill" are designed to enhance public finance management and safeguard against future economic downturns, State Minister of Finance Shehan Semasinghe told a press conference.

Semasinghe said it is necessary to maintain optimal levels of public financial management to avert future economic crises, and the bills are aligned with recommendations from a collaborative program with the International Monetary Fund, reports Xinhua News Agency.

He said the legislation encompasses reforms essential for international trade, trade agreements, and climate change mitigation efforts.

In 2022, Sri Lanka's public debt ratio stood at 128 per cent, a figure slated to be reduced to less than 95 per cent by 2032, said Semasinghe.

Similarly, the fiscal requirement, which was 34.6 per cent of gross domestic product in 2022, aims to be lowered to below 13 per cent by 2032, according to the minister.