CB’s PDMO now streamlined under Treasury
The Central Bank (CB) Public Debt Management Office has been transferred to the Ministry of Finance and will be fully operationalised by January next year, top officials said.
This office started operations last December following the enactment of the Public Debt Management Act in November that year. This move will make the central bank completely independent, officials said. Staff in the former Public Debt Management office of the Central Bank has been reassigned to other roles within the CB.
To comply with Section 26 of The Public Debt Management Act, all entities must coordinate with the Public Debt Management Office (PDMO) and obtain prior written approval from the Finance Minister for any public debt securities issuance, foreign currency fundraising, or guarantees issued by State Owned Enterprises (SOEs). Additionally, SOEs are required to present the PDMO with the terms of planned borrowings alongside a copy of the executed debt contracts. Each Provincial Council, Local Authority, and SOE must also report their outstanding debt to PDMO within 45 days after each quarter, in line with the Act.
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