As enacted

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Public Financial Management Act 2024 · As enacted · Part XI · Accounting and Reporting

52. Pre-election budgetary position report

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

(1)

The Secretary to the Treasury, shall within three weeks of the publication of proclamation or Order requiring the holding of a General Election to elect the members of

Parliament, cause to be released to the public a pre-election budgetary position report containing information on the fiscal position of the country.

(2)

Every pre-election budgetary position report shall contain the following information for the current financial year: -

(a)

estimates of revenue and expenditure;

(b)

estimates of the Government borrowings;

(c)

the economic and other assumptions that have been used in preparing such estimates;

(d)

a statement of the risks, quantified where practicable, that may have material effect on the fiscal position, such as -

(i)

contingent liabilities including guarantees and indemnities given by the Government under any Act;

(ii)

publicly announced proposals for spending by the Government that have not been included in the estimates referred to in paragraph (a); and

(iii)

Government negotiations in progress and not finalized; and

(e)

such other information as may be necessary to reflect fairly the financial position of the Government as at the date of the said report.

(3)

Subject to the provisions of subsection (4), the information in the pre-election budgetary position report shall, take into account to the fullest possible, extent any decision of the Government having a material effect on the fiscal position.

(4)

Nothing in this section shall be read or construed as requiring the inclusion in a pre-election budgetary position report or the 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)

Where information on any matter required to be included in a pre-election budgetary position report remains unchanged from the information on that matter included in a previous budget economic and fiscal position report or a mid-year fiscal position report, the pre-election budgetary position report shall state such information remains unchanged from the information included in either or both of these previous reports.

(6)

Every pre-election budgetary position report shall be accompanied with –

(a)

a statement signed by the Minister of Finance, for the purpose that the Minister of Finance has complied with the requirements of subsection (8);

(b)

a statement by the Secretary to the Treasury, for the purpose that the information in the report –

(i)

reflects the best professional judgement of the officers of the Ministry of the Minister of

Finance;

(ii)

takes into account all economic and fiscal information available to the Ministry of the

Minister of Finance; and

(iii)

incorporates the fiscal implications of the

Government decisions and circumstances disclosed by the Minister of Finance under subsection (8), to the fullest extent possible.

(7)

The Minister of Finance shall, within two weeks of the first sitting of the new Parliament, cause a copy of the report specified in subsection (1) to be placed before Parliament and such report shall be published in the official website of the Ministry of the Minister of Finance.

(8)

For the purpose of enabling the Secretary to the

Treasury to prepare a pre-election budgetary position report under this section, the Minister of Finance shall, within one week of the publication of the proclamation or Order requiring the holding of a General Election for the election of members of Parliament, disclose to the Secretary to the

Treasury details of all Government decisions and other circumstances –

(a)

within the knowledge of the Minister of Finance;

and

(b)

which have, or could have, material fiscal or economic implications.

Read on from s 53

Part XII

State Owned Enterprises

Read on from Part XII

Part XIII

Provincial Councils and Local Authorities

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Part XIV

Cadre Management

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Part XV

Offences and Penalties

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Part XVI

Miscellaneous Provisions

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Part XVII

Repeals

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Part XVIII

Interpretation

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