Tuesday, 05 March 2024 09:17

Public procurement law to replace current system Featured

Sri Lanka’s current public procurement system based on comprehensive National Procurement Guidelines issued in 2006/7 is being replaced by a new Public Procurement Law later this year, Public Finance Department sources said.

The country currently lacks a formal legislative basis for procurement. All government procurement are being carried out in accordance with Cabinet approved guidelines.

The Procurement Guidelines 2006, sets out various procurement methods, bidding procedures, and rules for awarding contracts.

The proposed new law is aimed at enhancing the effectiveness, efficiency and transparency in the public procurement system making it more accountable, streamlined and cost effective, an official of the department said.

This will be a fulfillment of International Monetary Fund conditions under its public reforms and management of public resources.

 

 

 

 

World News

Latest World News

There are 35832 listings and 1274 categories in our website