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Contents

Part III · Fiscal Responsibility

14. Primary balance target

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

(1)

The primary balance target set by the Minister of

Finance in the medium-term fiscal framework for the upcoming financial year and the four succeeding financial years, consistent with the debt reduction objective, shall be–

(a)

served as a medium-term fiscal anchor to address all aspects of fiscal planning and policy development; and

(b)

updated annually to reflect observed fiscal outcomes and to ensure ongoing consistency with the debt reduction objective in section 10.

(2)

In case of non-compliance or anticipated non-compliance with the primary balance target included in the medium-term fiscal framework, the Minister of Finance shall submit to Parliament and publish within six weeks from the date of such non-compliance or anticipation as the case may be, the following:-

(a)

a report containing an assessment explaining the reasons for non-compliance with the primary balance target;

(b)

an updated medium-term fiscal framework; and

(c)

a fiscal plan to return to compliance with the primary balance target in the current and the next financial year in case of non-compliance with the primary balance target.

Part IV

Preparation and Approval of Annual Budget

Part V

Adjustments to the Annual Budget During the Year

Part VI

Budget Execution

Part VII

Financial Management

Part VIII

Statutory Funds

Part IX

Public Investment Management

Part X

Government Borrowings and Guarantees

Part XI

Accounting and Reporting

Part XII

State Owned Enterprises

Part XIII

Provincial Councils and Local Authorities

Part XIV

Cadre Management

Part XV

Offences and Penalties

Part XVI

Miscellaneous Provisions

Part XVII

Repeals

Part XVIII

Interpretation