This development is outlined in an Extraordinary Gazette signed by President Anura Kumara Dissanayake.

In addition to borrowing powers, the Treasury Secretary is now empowered to sign agreements related to foreign loans obtained by the Government. The gazette also grants authority to provide Government guarantees for foreign loans sought by State corporations or public enterprises.

Furthermore, according to the gazette issued, the Treasury Secretary can execute any required contracts, Bonds, promissory notes, or other documents necessary for formalising such agreements or guarantees.