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srilawsby aturio
As enacted
Contents

Part III · Government Borrowing and Debt Management

15. Annual borrowing plan

Official English translation. Where it differs from the Sinhala or Tamil text, the Act itself says which text prevails.

(1)

The Office shall prepare a borrowing plan for each financial year (in this Act referred to as the “borrowing plan”)

to meet the aggregate borrowing requirement in accordance with the Appropriation Act for any given year. Such borrowing plan shall be reviewed at least half yearly.

(2)

The borrowing plan shall take account of the determined strategy, annual gross borrowing ceiling and the cash flow forecast for the Government and include –

(a)

planned borrowings and other debt management operations over the year;

(b)

tentative instruments to be used and sources of borrowing; and

(c)

indicative timing of these operations.

(3)

The borrowing plan and its updates shall be prepared in consultation with the relevant Departments of the Treasury and the relevant Government agencies as decided by the

Secretary to the Treasury and shall be submitted for the approval of the Cabinet of Ministers.

(4)

The Minister shall table the borrowing plan in

Parliament not later than the second reading of the

Appropriation Bill, as an accompanying document of the

Annual Budget Document, and shall arrange for the separate publication of the borrowing plan document by the end of the financial year preceding the year for which the borrowing plan is prepared. The updated borrowing plan if any, shall be submitted to the Cabinet of Ministers for its approval and published in the official websites of the Ministry of Finance and of the Office.

Read on from s 16

Part IV

Government Loan Guarantees, Government On-Lending, Suppliers’ Credit Agreements and Finance Lease Agreements

Read on from Part IV

Part V

Records and Publication of Public Debt and Finance Arrangements

Read on from Part V

Part VI

Annual Reporting to Parliament

Read on from Part VI

Part VII

Borrowing and Issuance of Guarantees by State Owned Enterprises and Reporting by Provincial Councils, Local Authorities and State Owned Enterprises

Read on from Part VII

Part VIII

Offences and Penalties

Read on from Part VIII

Part IX

General

Read on from Part IX