Sri Lanka will begin using the Commonwealth Meridian software from next month to strengthen public debt management as part of its broader economic recovery plan.
The move follows recommendations from the International Monetary Fund (IMF) and the World Bank to establish a dedicated Public Debt Management Office, after the country defaulted on its foreign debt in 2022 during its worst economic crisis in decades. Since then, the government has been working with the IMF and World Bank on reforms aimed at restoring stability, including debt restructuring and improved fiscal governance.
Commonwealth support
At the IMF’s request, the Commonwealth Secretariat has been advising Sri Lanka on the legal framework, governance, and systems required for the new debt office.
After reviewing multiple options, the government selected Commonwealth Meridian in October 2024 for its cost-effectiveness, compatibility with existing systems, and comprehensive debt management tools—available through Sri Lanka’s Commonwealth membership.
Commonwealth Meridian enables governments to record, analyse, manage, and monitor different categories of public debt with greater accuracy and transparency.
Earlier this month, a Commonwealth delegation led by Dr. Raymond Prasad, Head of the Debt Management Unit, and Mac Banda, Adviser and Systems Team Leader, visited Colombo to finalize plans for deployment. This included staff training and data migration preparations.
Currently, 45 countries worldwide use Commonwealth Meridian to manage government debt portfolios worth a combined USD 4 trillion.
