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Part XIX · Repeals and Savings

127. Provisional advances

Official English translation. The Sinhala text prevails. Open the official Sinhala text, official PDF on documents.gov.lk

(1)

Notwithstanding the prohibition in section 86

of this Act, the Central Bank may make new direct provisional advances to the Government to finance expenditures authorized to be incurred out of the

Consolidated Fund within the first month of the financial year:

Provided however, every such new advance shall be repaid within a period of not exceeding six months and the total amount of such advances outstanding shall not exceed ten per centum of the revenue of the first four months of the preceding financial year as reported in the half yearly report published by the Ministry of the Minister under the Fiscal

Management (Responsibility) Act, No. 3 of 2003 for the relevant period.

(2)

Such new advances shall bear interest at prevailing market-related rates as determined by the Central Bank.

(3)

Such new advances shall not be made to refinance the outstanding credit of the Central Bank to the Government on the appointed date.

(4)

The provisions of subsections (1), (2) and (3) of this section shall be effective until such time provisions are made by law for the Government to finance its immediate fiscal requirements.

Read on from s 128