2022-06-09
News Categories : Committee News
It is unreasonable to claim that the country lost nearly Rs. 500 billion due to the change in tax policies of the new government, as this was due to the loss caused by the import restrictions imposed, including the suspension of the import of vehicles, and the economic contraction caused by the Covid situation, Former Secretary to the Ministry of Finance Mr. S.R. Attygalle said.
He was speaking at a meeting of the Committee on Public Finance held in Parliament yesterday (08) under the chairmanship of Hon. Anura Priyadarshana Yapa.
Mr. Attygalle further stated that these decisions regarding tax policies were taken in keeping with the first Cabinet Paper presented by the former Prime Minister Hon. Mahinda Rajapaksa on December 04, 2019.
Former Secretary to the President Dr. P.B. Jayasundara, former Secretary to the Ministry of Finance S. R. Attygalle, former Governor of the Central Bank Ajith Nivard Cabraal, former members of the Monetary Board, current Governor of the Central Bank Dr. Nandalal Weerasinghe and other senior officials of the Central Bank were summoned before the Committee Meeting.
The Members of the Finance Committee were of the view that in presenting a Cabinet Paper, there should be a background note and a report on the subject matter concerned and that the officials in charge of the subject should take responsible for it. Though, there were some unavoidable circumstances, which arose at the time, decisions should have been taken after a proper study by the Central Bank and the Ministry of Finance, the committee members said.
The Members of the Committee on Public Finance further inquired whether any action had been taken by any of the Economists and Professionals in writing to submit a report containing clear conclusions of the Monetary Board with regard to the monetary policy decisions taken by the then political authority.
Former Secretary to the President Dr. P.B. Jayasundara said that such decisions would be tabled in Parliament are then referred to Committees.
Members of the Committee on Public Finance again inquired as to whether the economists and professionals had duly pointed out and informed their superiors as responsible officials of the Government at that time, regarding the incorrect policy decisions taken by the political authorities.
The current Governor of the Central Bank (Dr.) Nandalal Weerasinghe said that responsible government officials should refrain from engaging in politics and that the difference between a politician and an official should be properly recognized. He further said that it is the responsibility and duty of the officials to inform the politicians when they are not correct and the politicians alone are not responsible for the consequences of such decisions.
The MPs who participated in the committee said that although they had told the responsible officials and the then political authorities on various occasions about the possible side effects of such policies, no one had paid attention to them.
The Chairman of the Committee Hon. Anura Priyadarshana Yapa also emphasized that the relationship between the officials of the Central Bank and the Parliament should be enhanced and a proper communication process should be established when making important decisions pertaining to the country.
Accordingly, the Chairman of the Committee stated that this discussion will be held again on the 17th as further discussions are required in this regard.
Leader of the Opposition Hon. Sajith Premadasa, Hon. (Dr.) Nalaka Godahewa, Hon. M.A Sumanthiran, Hon. Mujibur Rahman, Hon. (Dr.) Suren Raghavan, Hon. Gamini Waleboda, Hon. Kanchana Wijesekera, Hon. Anupa Paskuwal, Hon. Vijitha Herath, Hon. Pramitha Bandara Tennakoon, Hon. Indika Anuruddha , Hon. Isuru Dodanga, Hon. (Prof.) Ranjith Bandara, Hon. Nalin Fernando and other officials were present at the committee meeting held.
2026-06-18
A meeting of the Women Parliamentarians Caucus was held in Parliament recently to discuss the importance of incorporating Gender-Responsive Budgeting into Sri Lanka’s national budget formulation process and to examine the challenges associated with its implementation.The meeting was chaired by the Chairperson of the Caucus and Hon. Minister of Women and Child Affairs, Saroja Savithri Paulraj. Hon. Prime Minister Dr. Harini Amarasuriya also participated in the discussion.A key concern raised during the discussion was the lack of adequate data and indicators to accurately assess and measure women’s economic contributions within the budgetary process. Drawing on examples of approaches adopted in India and other countries, members of the Caucus underscored the need to identify and address existing systemic and technical gaps in Sri Lanka’s budgeting framework.The Caucus also emphasized the importance of disaggregating data by gender in project reporting and strengthening digital data management systems to support such efforts. It was further noted that identifying relevant gender-related considerations at the initial stages of project design and implementation at the ministerial level would facilitate more effective project analysis, monitoring, and evaluation of outcomes.The need to move away from existing traditional and time-consuming methods towards formal online systems and data-driven analytical tools was also emphasized.The current progress and challenges in integrating Gender-Responsive Budgeting into Sri Lanka’s public financial policy were discussed in detail during the meeting.It was also emphasized that such budgeting should not be limited to nominal percentages in documents, but that the need to establish a formal framework and data system to ensure it has a real and practical impact was also highlighted.The Hon.Deputy Chairperson of Committees Hemalee Weerasekera, Hon. Deputy Minister Dr. Kaushalya Ariyarathne, Co-Vice Chairpersons of the Caucus, Hon. Members of Parliament Chamindrani Kiriella, Attorney at Law and Samanmalee Gunasinghe, Hon. Members of Parliament Thushari Jayasinghe, Attorney at Law, Krishnan Kaleichelvi, Sagarika Athauda ,Attorney at Law, Nilanthi Kottahachchi, Attorney at Law, Ambika Samivel and Lakmali Hemachandra, Attorney at Law, along with a group of officials from the Ministry of Finance, Planning and Economic Development, also participated in the event.
2026-06-17
The Ministerial Consultative Committee on Public Administration, Provincial Councils and Local Government met recently (Jun. 12) at Parliament under the chairmanship of the Hon. Minister of Public Administration, Provincial Councils and Local Government, Prof. A.H.M.H. Abayarathna.During the meeting, Members of Parliament discussed a range of issues and proposals relating to their respective electorates, as well as several other matters of public importance.Hon. Members of Parliament and officials were present at the meeting.
2026-06-17
The Ministerial Consultative Committee on Buddhasasana, Religious and Cultural Affairs met recently (Jun. 09) at Parliament under the chairmanship of the Hon. Minister of Buddhasasana, Religious and Cultural Affairs, Dr. Hiniduma Sunil Senevi.During the meeting, Members of Parliament discussed a number of proposals and issues, including reviewing the progress of discussions initiated with the Ministry of Education, Higher Education and Vocational Education and the Department of Examinations regarding the formulation of regulations to prevent the conduct of private tuition classes on Sunday mornings, thereby facilitating the holding of Dhamma School classes on Sundays.The meeting was attended by Hon. Deputy Ministers, Hon. Members of Parliament and officials.
2026-06-17
The Committee on Public Finance (COPF) granted approval for the Rules published in Extra Ordinary Gazette Notifications No. 2479/54 dated 12 March 2026 and No. 2492/10 dated 09 June 2026, made under the Central Bank of Sri Lanka Act, No. 16 of 2023 following its consideration. The said approval was granted when the COPF met in Parliament on 09 June 2026 under the Chairmanship of Hon. Member of Parliament (Dr.) Harsha de Silva. In the discharge of its functions, including the formulation of monetary policies under the Central Bank of Sri Lanka Act, No. 16 of 2023, the Central Bank of Sri Lanka is required to collect statistics and information from external parties. Accordingly, the Rules published in Extraordinary Gazette Notification No. 2479/54 dated 12 March 2025 under the said Act have been made to prescribe the statistics and information to be reported, the persons subject to such reporting requirements, and the administrative measures that may be taken in the occasion of a violation of the relevant requirements. The Rules further restrict the authority to issue notices requiring the submission of statistics and information to authorized officers of the Central Bank of Sri Lanka (CBSL), namely the Deputy Governors, the Head of the Economic Research Department, and the Head of the Department of Census and Statistics.In addition, the Rules provide for safeguards, including ensuring that the information equipped is used solely for the purpose for which it is collected.The Committee also drew attention to the non-publication of certain government debt data by the CBSL. It was observed that such information is currently maintained by the Public Debt Management Office and that there are limitations in reproducing debt statistics in the format previously published by the CBSL. The Committee emphasized the importance of maintaining public access to government debt information through the publications of the CBSL and also noted the delay in the publication of reports relating to the secondary market for government securities.Further, the COPF pointed out that accurately calculating tourism earnings has become a challenge due to the various payment methods used by tourists, and emphasized the need to improve data collection surveys to enhance the accuracy of such estimates.The Committee also granted approval, following due consideration, for the Rules published in Extraordinary Gazette Notification No. 2492/10 dated 09 June 2026 under the Central Bank of Sri Lanka Act. These Rules, titled the "Repatriation of Export Proceeds into Sri Lanka Rules, No. 2 of 2026," further amend the existing regulatory framework governing the repatriation of export proceeds into Sri Lanka.Accordingly, every exporter of goods who repatriates export proceeds into Sri Lanka during any given month is required to utilize such proceeds only for permitted payments, and to mandatorily convert the remaining balance into Sri Lankan Rupees on or before the 10th day of the following month. This amendment reduces the three-month period previously allowed under the regulations introduced in 2024 to a deadline of the 10th day of the following month.The CBSL pointed out that, in view of the volatility in the exchange rate and the foreign exchange market, as well as the shortage of foreign exchange liquidity, it had become necessary to reduce the period granted to exporters for converting export proceeds into Sri Lankan Rupees.The Committee pointed out that this measure could potentially affect market confidence and contribute to volatility in the foreign exchange market. In response, CBSL officials stated that the measure had been introduced as a short-term policy tool to address exchange rate volatility and the current shortage of foreign exchange supply, and that it would be relaxed once market conditions stabilize.The Committee also discussed the alleged financial fraud involving NDB Bank. An extensive discussion was held on the relevant technical matters, including the role and responsibilities of the CBSL in relation to the incident. It was decided that the matter would be taken up again following the completion of the ongoing forensic audit.Hon. Deputy Minister (Dr.) (Ms.) Kaushalya Ariyaratne, Hon. Deputy Minister Nishantha Jayaweera, and Hon. Members of Parliament Rauff Hakeem, Attorney-at-Law, Ravi Karunanayake, M.K.M. Aslam, Nimal Palihena, Wijesiri Basnayake, Sunil Rajapaksha, Thilina Samarakoon, Champika Hettiarachchi, and Lakmali Hemachandra, Attorney-at-Law, together with Central Bank Governor Dr. Nandalal Weerasinghe and other officials, were present at the meeting. A delegation from the House Democracy Partnership (HDP) and the Congressional Budget Office (CBO) of the United States Congress, who were in Sri Lanka on a technical assistance mission on “Strengthening Budgetary and Economic Analysis in Parliament,” also attended the committee meeting as observers.
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