2024-07-17
News Categories : Committee News
The Public Financial Management (PFM) Bill was considered and approved by the Committee on Public Finance following a discussion at length on the particulars of the Bill. Accordingly, the Committee acknowledged and praised the efforts of the Ministry of Finance for their efforts in presenting such Bill which aims to establish a modern, transparent, and efficient PFM system fostering public trust, ensuring efficient resource allocation, and supporting sustainable economic growth.
The officials present stated that while the current Financial Regulations are indeed based on a legal framework, they have not been adequately adhered to. Consequently, due to lapses, inherent weaknesses, and transparency and accountability issues in current Public Financial Management practices, the Public Financial Management (PFM) Bill was drafted to establish financial discipline.
This Bill was considered and approved when the Committee on Public Finance met in Parliament recently (July 11) under the Chairmanship of the Hon. (Dr.) Harsha de Silva, Member of Parliament. Officials representing Attorney General’s Department, Ministry of Finance, the Central Bank of Sri Lanka were present at the Committee meeting held.
Addressing the existing public finance issues, this Bill sets provisions for enacting a law on Public Finance which helps consolidate Regulations scattered among several related sectors. Whilst acting as an overarching law, it also sets requirements for specific content on Fiscal Strategy Statement and Medium-Term Fiscal Framework (MTFF).
Furthermore, the Bill also sets provisions for a primary balance target as the medium-term fiscal anchor and a primary expenditure ceiling of the Government - not exceeding 13% of the nominal GDP.
However, the COPF members emphasized that the proposed 13% primary expenditure limit for Sri Lanka hinders the government's capacity to tax and spend in ways that promote growth, efficiency, and social welfare. Additionally, it positions Sri Lanka as the only country to set such a low GDP-based limit on primary expenditure. Chairman stressed that with this constraint, achieving the 10% growth rate necessary to become a high-income country by 2040 is unattainable.
Moreover, measures such as the preparation and publication of a Debt Sustainability Analysis annually, reduction of Guarantee limit - not exceeding 7.5 % of the average GDP, projects to be reviewed & recommended by a Public Investment Committee, etc have also been addressed by the said Bill.
The Committee questioned the officials present regarding the medium-term fiscal framework for the upcoming financial year and the next four years, included in the fiscal strategy statement which must include a primary balance target, a primary expenditure ceiling, fiscal aggregate projections, and economic assumptions.
The Chair questioned as for the last 50 years, the assumptions made on revenue were incorrect, how is this particular Bill going to address this issue. Furthermore, the Chair was of the view that such Bill should focus not only on debt sustainability but also should look into economic growth. Furthermore, The Chair was of the view that the targets of the Public Financial Management (PFM) Bill should align with the Economic Transformation Act.
State Minister Hon. (Dr.) Suren Raghavan, and Members of Parliament Johnston Fernando, Hon. Rauff Hakeem, hon. Wajira Abeywardana, Hon. M. A. Sumanthiran, Hon. Mayantha Dissanayake, Hon. (Dr.) Nalaka Godahewa, Hon. Harshana Rajakaruna, Hon. Madhura Withanage, Hon. Premnath C. Dolawatte, Hon. Duminda Dissanayake were present at the Committee meeting held.
2026-04-29
The Select Committee of Parliament to conduct a comprehensive study on the lack of preparedness to face Cyclone Ditwah and report to Parliament and submit its proposals and recommendations in that regard, called officials from the Department of Meteorology and the Disaster Management Centre to appear before it.These matters were discussed when the Committee met recently in Parliament under the chairmanship of the Hon. minister (Dr.) Nalinda Jayatissa. The meeting was attended by a group of senior officials from the respective institutions, including the Director General of the Department of Meteorology, Mr. Athula Karunanayake, and the Director General of the Disaster Management Centre, Major General (Retd) Sampath Kotuwegoda.During the meeting, the Committee inquired into how the Department of Meteorology and the Disaster Management Centre operate as primary responding institutions during natural disasters.Officials also clarified the shortcomings in the existing system as well as deficiencies in the relevant technical equipment.It was also decided to summon officials from the Department of Irrigation and the Mahaweli Authority of Sri Lanka before the Committee in the future to examine how those institutions function as primary responding bodies, and subsequently to call these institutions separately to investigate incidents related to Cyclone “Ditwah.”The meeting was attended by the Committee members including Hon. Deputy Ministers Dr. Prasanna Gunasena, Major General (Retd.) Aruna Jayasekara, and Anton Jayakodi, as well as Hon. Members of Parliament Attorney at Law Anuradha Jayaratne, Hector Appuhamy, Rohini Kumari Wijerathna, M.K.M. Aslam, Attorney at Law Anushka Thilakaratne, Kandasamy Prabhu, Ruwan Mapalagama, and (Dr.) Pathmanathan Sathiyalingam.
2026-04-28
The Parliamentary Caucus for Persons with Disabilities held discussions with several ministries regarding the allocations made in the 2026 Budget for persons with disabilities and the progress of related programs. The meeting took place recently in Parliament under the chairmanship of Hon. Member of Parliament Sugath Wasantha de Silva.During the meeting, relevant ministries presented matters related to higher education, religious and cultural sites, accessible housing for persons with disabilities, access to credit for entrepreneurship, and technological innovations.Accordingly, the University Grants Commission stated that 143 students with disabilities were admitted during 2024/2025, and it is expected to increase this number to 203 in 2025/2026. Each university has been allocated between Rs. 25–50 million for infrastructure development. It was also noted that an additional monthly allowance of Rs. 5,000 will be provided to low-income students with disabilities. Officials further stated that a pilot project is being implemented to admit students with disabilities into medical faculties in several universities. Measures will also be taken to recruit permanent sign language interpreters for universities and to develop a program to identify students who become disabled due to accidents and provide them with assistive devices such as wheelchairs.Meanwhile, officials from the Ministry of Buddhasasana, Religious and Cultural Affairs stated that coordinating officers have already been appointed under the ministry to handle matters related to persons with disabilities. The Chair of the Caucus drew attention to the lack of physical accessibility at religious places, especially temples. It was decided to coordinate with the Central Cultural Fund and the Department of Archaeology to improve accessibility infrastructure at religious and historical sites.The Ministry of Housing, Construction and Water Supply has allocated Rs. 500 million to provide sanitary facilities for persons with disabilities in the Western Province and plans to construct 9,700 houses in 2026. The ministry also agreed to adopt a special loan scheme for persons with disabilities and to develop “model plans” to construct houses that meet their specific needs.Officials further informed the Caucus that housing construction will be carried out based on flexible “model plans” designed with consideration for the specific needs of persons with disabilities.The Ministry of Industry and Entrepreneurship Development pointed out that there is a significant “trust gap” between banks and entrepreneurs with disabilities, making it difficult for them to obtain loans. Accordingly, the Chair instructed the ministry to explore the possibility of introducing a Credit Guarantee Scheme for micro and small entrepreneurs with disabilities.In addition, the Ministry of Science and Technology stated that it will pay special attention to research that supports the needs of the disabled community, particularly in the commercialization of innovations. The Caucus advised the ministry to encourage research teams to develop assistive devices and to prioritize bringing such products to market.Officials from the Ministries of Youth Affairs and Sports, Public Security and Parliamentary Affairs, Foreign Affairs, Foreign Employment and Tourism, and Environment also shared their views.The Caucus further decided to review the progress of all the proposed plans by each ministry again in six months.The meeting was attended by the Deputy Co-Chair of the Caucus, Hon. (Dr.) Pathmanathan Sathiyalingam, members of the Caucus including Hon. Members of Parliament Padmasiri Bandara, Chandima Hettiarachchi, and with the permission of the Chair, Hon. Members of Parliament T.K. Jayasundara and Jagath Manuwarna, along with a group of officials.Representatives from several organizations, including the National Forum of Women with Disabilities, the Sri Lanka Central Federation of the Deaf, the Little People Association, and the Youth Network with Disabilities (YND), also attended. Additionally, representatives of the disability community were present as observers at the invitation of the Chair, along with officials from the International Foundation for Electoral Systems (IFES).
2026-04-09
The Committee on Public Finance (CoPF) met on 07th April 2026 under the chairmanship of Hon Member of Parliament Dr. Harsha de Silva.The Governor of the Central Bank of Sri Lanka (CBSL) Dr. Nandalal Weerasinghe, along with members of the Governing Board, the Monetary Policy Board, and senior officials, attended the meeting as part of the Central Bank’s statutory presentation to Parliament conducted once every four months.Hon. Deputy Ministers Chathuranga Abeysinghe, (Dr.) (Ms.) Kaushalya Ariyarathnea and Nishantha Jayaweera, Hon. Members of parliament Rauff Hakeem, Attorney at Law, Ravi Karunanayake, M.K.M. Aslam, Nimal Palihena, Chithral Fernando, Attorney at Law, Wijesiri Basnayake, Thilina Samarakoon, Champika Hettiarachchi and (Ms.) Lakmali Hemachandra, Attorney at Law were also present at the meeting.During the meeting, the Committee took up as a matter of priority the alleged fraud at NDB Bank. The Committee initiated a focused discussion with the Central Bank, underscoring the seriousness of the issue and the need for urgent attention.The Governor informed the Committee that an initial investigation in this regard is currently underway. He further assured that the Central Bank will report back to the Committee at the earliest possible opportunity once the necessary information has been gathered.The Committee observed with serious concern that there appear to have been considerable lapses in corporate governance at the bank, deficiencies in supervision by the relevant departments of the Central Bank of Sri Lanka, and undue delays in the reporting of material information.The Committee firmly underscored that such shortcomings are unacceptable and directed that immediate corrective measures be undertaken. It further emphasized that it will continue to closely monitor this matter and exercise stringent oversight to ensure full accountability, transparency, and the safeguarding of public confidence in the financial system.
2026-04-02
The Committee on High Posts has approved the appointments of four Ministry Secretaries.The approval was granted when the Committee met in Parliament recently (Mar. 20) under the chairmanship of Hon. Prime Minister Dr. Harini Amarasuriya.Accordingly, the Committee approved the appointments of Air Vice Marshall H.S.S Thuyyacontha (Retd.) as the Secretary to the Ministry of Defence, Mr. L Mohamed Navavi as the Secretary to the Ministry of Science and Technology, Mrs. W.M.D.T Wickramasinghe as the Secretary to the Ministry of Women and Child Affairs and Mr. W.W.S Mangala as the Secretary to the Ministry of Ports and Civil Aviation.
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