A special gazette notification concerning Domestic Debt Optimization (DDO) was released yesterday by President Ranil Wickremesinghe.

This was issued in accordance with the Registered Stock and Securities Ordinance (Chapter 420) and the Constitution. The notification includes several directives for the Finance Ministry Secretary and the Public Debt Registrar.

Following a comprehensive debate that took place on Saturday (July 1), the parliament passed the Resolution on Domestic Debt Optimization with amendments. The resolution garnered a majority of 60 votes, with 122 votes in favor and 62 votes against.

According to the published gazette notification, the Finance Ministry Secretary and the Public Debt Registrar have been granted the authority to provide Sri Lankan stock or securities holders, under the provisions of the Ordinance or any other relevant legislation, the option to convert or exchange their holdings as of June 28, either in full or in part.

Additionally, the communication permits the conversion or exchange of any stock or securities issued in Sri Lanka, under the provisions of the Ordinance or any other applicable legislation, into Treasury Bonds to be issued under the same Ordinance.