Public Financial Management Act 2024 · As enacted · Part XVI · Miscellaneous Provisions
67. Regulations
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
The Minister of Finance may make regulations in respect of matters required by this Act to be prescribed or in respect of which regulations are authorized to be made.
Without prejudice to the generality of the powers contained in subsection (1), the Minister of Finance may make regulations -
on establishing commitments, paying obligations, and other requirements for an effective commitment control system;
by classifying arrears; and
on the management of and settlement of arrears, the reporting requirements of arrears, the inclusion of arrears in the annual debt report required under relevant written laws applicable to the management of public debt, and such other matters in relation to the control of arrears.
Every regulation made by the Minister of Finance shall be published in the Gazette and shall come into operation on the date of such publication or on such later date as may be specified in that regulation.
Every regulation made by the Minister of Finance shall, within three months, after its publication in the Gazette, be brought before Parliament for approval.
Every regulation which is not so approved shall be deemed to be rescinded as from the date of such disapproval but without prejudice to anything duly done thereunder.
Notification of the date on which any regulation is deemed to be so rescinded shall be published in the Gazette.
Until such regulations are framed –
the financial regulations of the Government of the
Democratic Socialist Republic of Sri Lanka approved by the Minister of Finance published in year 1992;
circulars issued by the Secretary to the President,
Secretary to the Treasury and the Heads of
Departments under the General Treasury; and
circular issued by a Secretary to a Ministry with the approval of the Cabinet of Ministers, with regard to public financial management shall continue to be in force, in so far as such regulations and circulars are not inconsistent with the provisions of this Act.
Part XVII
Repeals
Part XVIII