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Contents

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

(1)

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.

(2)

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.

(3)

Subject to the ceilings set out in the budget call circulars, the Public Investment Committee shall –

(a)

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

(b)

recommend appropriate funding sources for projects, taking into account the available fiscal space and other relevant matters which need consideration.

(4)

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.

(5)

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.

(6)

The Public Investment projects referred to in subsection (5) shall be –

(a)

subjected to the provisions of any applicable written law; and

(b)

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

Interpretation