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Part III · Fiscal Responsibility

12. Medium-term fiscal framework

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

(1)

The Minister of Finance shall ensure preparation of a medium-term fiscal framework for the upcoming financial year and for the four succeeding financial years which shall be approved and published within the fiscal strategy statement referred to in section 11.

(2)

The medium-term fiscal framework shall include, at a minimum -

(a)

a primary balance target consistent with the debt reduction objectives of the Government expressed as a percentage of the forecast nominal gross domestic product;

(b)

a primary expenditure ceiling of the Government expressed in Sri Lankan rupees calculated under section 15; and

(c)

the fiscal aggregate projections and supplementary targets of the Government for the rolling five-years horizon, together with the economic and other assumptions used to prepare these projections.

(3)

For the purpose of achieving a sustainable level of public debt, the medium-term fiscal framework shall determine an annual primary balance target as specified in section 14, and a primary expenditure ceiling within the limit as specified in section 15.

(4)

The annual budget shall be in accordance with the primary balance target and the primary expenditure ceiling set out in the medium-term fiscal framework as specified in subsection (2).

Read on from s 13

Part IV

Preparation and Approval of Annual Budget

Read on from Part IV

Part V

Adjustments to the Annual Budget During the Year

Read on from Part V

Part VI

Budget Execution

Read on from Part VI

Part VII

Financial Management

Read on from Part VII

Part VIII

Statutory Funds

Read on from Part VIII

Part IX

Public Investment Management

Read on from Part IX

Part X

Government Borrowings and Guarantees

Read on from Part X

Part XI

Accounting and Reporting

Read on from Part XI

Part XII

State Owned Enterprises

Read on from Part XII

Part XIII

Provincial Councils and Local Authorities

Read on from Part XIII

Part XIV

Cadre Management

Read on from Part XIV

Part XV

Offences and Penalties

Read on from Part XV

Part XVI

Miscellaneous Provisions

Read on from Part XVI

Part XVII

Repeals

Read on from Part XVII

Part XVIII

Interpretation

Read on from Part XVIII