Public Financial Management Act 2024 · As enacted · Part II · Powers, Duties and Functions of the Minister of Finance and Other Authorities
4. Powers, duties and functions of the Minister of Finance under this Act
Official English translation. The Sinhala text prevails.
Official translationFrom Department of Government Printing, unchanged
The Minister to whom the subject of Finance has been assigned under Article 44 or 45 of the Constitution (in this Act referred to as the “Minister of Finance”) shall in addition to the powers conferred under Article 150 of the
Constitution, be responsible for –
developing policies that achieve fiscal sustainability and effective management of fiscal risks including the identification of the sources of fiscal risks and publication of information in relation to the same;
ensuring compliance with the fiscal responsibility requirements under Part III of this Act;
managing the preparation of the annual budget and monitoring its implementation along with the overall supervision on collecting revenues, management of the expenditure, public debt and the Government’s cash and liquidity position;
the general oversight of all the financial operations of the Government along with the extent of the financial oversight in relation to the State-Owned
Enterprises, as may be prescribed; and
the implementation of provisions of this Act.
The Minister of Finance shall -
carry out any other powers and functions assigned to the Minister of Finance by this Act or any other written law; and
be accountable to Parliament for the effective application of the provisions of this Act and regulations made under this Act.
The Minister of Finance may, by Order published in the Gazette, delegate to the Secretary to the Treasury any power conferred on the Minister of Finance by this Act except under subsection (1) of section 28, subsection (3) of section 32, subsection (4) of section 39, section 56 and section 67, subject to the conditions, reservations and restrictions, as may be specified in that Order.
Part III
Fiscal Responsibility
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