The Committee on Public Finance (CoPF) has approved a proposal submitted under the Public Debt Management Act, No. 33 of 2024, and Supplementary Estimate No. 06 of 2026 relating to the loan scheme for micro, small and medium-sized enterprises (MSMEs).

Officials informed the committee that priority would be given to loan applicants currently on the waiting list when disbursing loans under the scheme.

These matters were discussed at a meeting of the Committee on Public Finance held in Parliament, under the chairmanship of Member of Parliament Harsha de Silva. Deputy ministers, MPs and relevant government officials also attended the meeting.

New Procurement Act and Digitalisation Discussed

The committee also held extensive discussions on measures to make public procurement more efficient, transparent and systematic, as well as progress in drafting a new public procurement law.

The review covered the implementation of procurement guidelines and circulars, delays in obtaining feedback from ministries and government institutions, constitutional compliance of the proposed legislation, and challenges encountered during the drafting and revision process.

The committee also examined the progress of the Procurement Management Information System (PROMIS), which is being implemented to digitalise public procurement activities.

Currently, PROMIS covers 394 active procurement units, including those in 19 ministries. Plans are underway to expand the system by 2027 to include provincial councils and all government departments.

The World Bank has provided a grant of US$4.5 million for the development of the system. Officials informed the committee that the technical evaluation for selecting a new developer had been completed and submitted for World Bank approval.

Delays in Procurement and Medicine Registration Highlighted

The committee discussed delays in procurement procedures, registration-related issues and challenges associated with digital systems.

Particular emphasis was placed on reducing delays in the procurement of medicines and other essential goods, as well as in the registration of medicines, to improve market competitiveness.

Proposals were also presented to increase the financial limits of procurement committees, introduce long-term framework agreements for frequently repeated purchases, and develop procurement guidelines tailored to specific sectors.

The committee reviewed these measures as part of broader efforts to improve efficiency and transparency in public procurement across government institutions.