Skip to content
As enacted
Contents

Part XI · Accounting and Reporting

49. Budget Economic and Fiscal Position Report

Official English translation. Where it differs from the Sinhala or Tamil text, the Act itself says which text prevails.

(1)

A budget economic and fiscal position report shall cause to be tabled in Parliament by the Minister of Finance on the day fixed for the second reading of the Appropriation

Bill in Parliament, in each year.

(2)

The budget economic and fiscal position report shall contain, the following information in the format as may be prescribed in relation to the current and immediately succeeding financial year: -

(a)

estimates relating to the gross domestic product;

(b)

estimates relating to consumer prices;

(c)

estimates relating to employment and unemployment;

(d)

estimates relating to the current account position of the balance of payments;

(e)

estimates relating to revenue and expenditure;

(f)

estimates relating to Government borrowing;

(g)

the basis, economic or otherwise which has been used in the preparation of the estimates specified in paragraphs (a) to (f);

(h)

a statement relating to the sensitivity of the estimates specified in paragraphs (a) to (f) and the changes which may occur in connection with the economic or other basis used in the preparation of such estimates;

(i)

a statement, quantified as far as practicable, the risks that may have a material effect on the fiscal position such as contingent liabilities including guarantees and indemnities granted by the Government under any written law;

(j)

public announcements relating to proposals of the

Government in connection with Government spending not included in the estimates referred to in paragraph (e);

(k)

ongoing negotiations of the Government which have not been finalized, updates to the fiscal strategy statement and the medium-term fiscal framework since the publication of the original statement; and

(l)

such other information which may be necessary to reflect fairly the financial position of the

Government in respect of each such financial year.

(3)

Subject to the provisions of subsection (4), the information contained in the budget economic and fiscal position report shall take into account, as far as possible, all

Government decisions and all other circumstances that may have material effect on the fiscal and economic position of the Government.

(4)

Nothing contained in this section shall be read and construed as requiring the inclusion in the budget economic and fiscal position report, a disclosure of any information, in view of the written opinion of the Minister of Finance, if such details or information -

(a)

be prejudicial to the national security; or

(b)

compromise Sri Lanka in a material way, in negotiation, litigation or commercial activity.

(5)

The Report shall be published on the official website of the Ministry of the Minister of Finance upon submission to Parliament.

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