Public Financial Management Act 2024 · As enacted · Part IX · Public Investment Management
42. Project selection and budgeting
Official English translation. The Sinhala text prevails. Open the official Sinhala text, official PDF on documents.gov.lk
Official translationFrom Department of Government Printing, unchanged
Each budgetary entity may propose to the Minister of Finance public investment project, including a public-private partnership project for inclusion in the annual budget, if such proposed projects are included in the public investment programme referred to in section 41.
Any proposal for a public investment project, including a public-private partnership project referred to in subsection (1), shall be included in the budget proposal of the budgetary entity, in a form specified in the budget call circulars issued by the Secretary to the Treasury.
Subject to the ceilings set out in the budget call circulars, the Public Investment Committee shall –
review the proposed public investment projects, including public-private partnership projects according to the project selection criteria as may be prescribed and prepare a list of prioritized projects for the approval of the Minister of Finance and for the inclusion in the draft annual budget for approval by the Cabinet of Ministers; and
recommend appropriate funding sources for projects, taking into account the available fiscal space and other relevant matters which need consideration.
The Minister of Finance shall ensure that any appropriation through annual budget shall not be made to a public investment project, including a public-private partnership project which is not included in the public investment programme.
Notwithstanding the provisions of subsections (1) and (2), public investment projects that are specifically developed in response to natural disasters or emergencies declared by the Government may be considered outside the public investment programme. Such public investment projects shall be subject to the criteria and procedures as may be prescribed.
The Public Investment projects referred to in subsection (5) shall be –
subjected to the provisions of any applicable written law; and
approved by the Cabinet of Ministers.
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