A public debt law to strengthen management of the state treasury has been included in the manifesto of The Democrats.
The proposed law was included in the manifesto launched on Tuesday night with a pledge to address transparency, governance and accountability problems in the existing legal framework.
The manifesto includes 58 policies for reforming the state treasury and domestic financial market, including introducing "short-term financial instruments" to encourage savings and issuing bonds in US dollars or other currencies to bring down black market rates and alleviate dollar shortages and cashflow difficulties.
Other policies include implementing recommendations of the World Bank's public finance management strengthening program, enhancing public finance management and strengthening budget management in line with international best practices.
The Democrats also pledged to restructure and responsibly manage public debt.
Other pledges for reforming the treasury and financial markets:
- Expanding the role of financial markets in securing financing for projects
- Facilitating loans for small businesses from commercial banks
- Expanding the stock market with more listed companies
- Developing the corporate bond market for institutional investors
- Promoting long-term debt financing through the stock market
- Eliminating obstacles for foreign and local businesses to list in the stock market
- Secondary Public Offering from state-owned enterprises (SOEs)
- Listing large SOEs that cannot be listed through Initial Public Offerings (IPOs) in the stock exchange
- Creating a modern central depository and clearing company
- Expediting implementation of plan to introduce digital currency through fintech
- Reviewing laws and regulations to empower the Capital Market Development Authority
