Former Finance Minister Mangala Samaraweera says that Prime Minister Mahinda Rajapaksa, as the incumbent Minister of Finance, has the legal responsibility to release to the public a Pre-Election Budgetary position report containing information on the fiscal position of the country before March 23, 2020.
He said the Fiscal Management (Responsibility) Act No. 03 of 2003 warrants the Secretary to Treasury to publish a Pre-Election Budgetary Position Report containing details of government revenue and expenditure, details of Government Borrowings within three weeks of the proclamation on the holding of Parliamentary General Election.
Issuing a statement today, the former minister said that since the Parliament was dissolved on March 02, the report should be released to the public before March 23, 2020.
The Section 16 of the Fiscal Management (Responsibility) Act which was introduced during the UNP Government in the year 2003 says:
“The Secretary to the Ministry of the Minister, shall within three weeks of the publication or Proclamation or Order requiring the holding of a General Election for the election of 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.”
Samaraweera stated that on April 25th, Sri Lankans, young and old, will go to the polls in order to choose the 225 MPs who will wield this power for the next five years.
“It is their right to know the state of their country’s finances and debt when they make their choices. It is also their right to know the records of the parties and MPs when they mark their crosses and preferences,” he said.
In Sri Lanka, the Government is the creature of the Constitution and accordingly: “Parliament shall have the full control over public finance.” This is the opening line of our Constitution’s chapter on finance. It does not mince words. Parliament - not the President or Cabinet – has supreme and unequivocal control over taxation and expenditure, he said.
The 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.
It further specifies that the publicly announced proposals for spending by the Government that have not been included in the estimates, 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 should be clearly mentioned in the report.
