Cabinet approves redrafting of State Assets Management Act
Approval has been granted at the Cabinet meeting held on 22.07.2024 to publish the draft bill of State Assets Management Act in the government gazette notification and thereby present it to the Parliament for its concurrence. However, the draft bill couldn’t be passed in Parliament as a result of the Parliament being dissolved in the […]
On July 22, 2024, the Cabinet approved the redrafting of the State Assets Management Act. The approval came after the draft bill was published in the government gazette notification, initiating its submission to the Parliament for approval. However, the Parliament was dissolved in October 2024, preventing the bill's passage. Following the dissolution, the draft bill underwent further review by a committee consisting of subject matter experts.
The committee identified necessary amendments and prepared a fundamental draft incorporating these changes. In response, the Cabinet, acting through the President in his role as Minister of Finance, Planning and Economic Development, suspended further work on the draft bill published in the extraordinary gazette of August 2, 2024.
The Legal Draftsman has been instructed to create a new draft bill based on the committee's fundamental draft.
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