The World Bank says it is critical Sri Lanka enacts the new Public Finance Bill that is in the works, to increase public scrutiny over the state purse.
In a country review on public accountability, the Bank says that Parliamentary control over public funds was ineffective and did not meet the expectations laid out in the constitution.rn
rnldblquote The accountability of the Executive at present is too focused on lquote spending to the budget, rather than on lquote managing for results
dblquote , the study says.rn
rnExisting financial accountability legislation dates back to colonial times and has no built in provisions to demand performance accountability.rn
rnldblquote The fiduciary implication is that even though funds might be accounted for, it cannot be ascertained whether they will be used for intended purposes, or whether the expenditure represents value for money
dblquote , the report says.rn
rnThe Bill raises reporting standards for public enterprises, with all state accounts to be tabl