Reform tracking endash Budget Report

Image courtesy of Sanjeewa Dayarathne (www.Feedback.lk)

A new Economic Management Law will be brought to parliament, which will compel each ministry to report to parliament the progress made on reforms every six months.rn

rnldblquote Under that law, the budgets for the respective ministries will be directly linked with the progress made in implementing reforms,
dblquote Finance Minister Chocksy told Parliament on Wednesday.rn

rnA Fiscal Management (Responsibility) Law that will tighten strings and ensure fiscal prudence is already before parliament.rn

rnWith the new law, the government will be required to put forward a statement to Parliament on its fiscal policy, objectives, targets and performance.rn

rnPresented with the budget each year, the public statement ensures a mid-term review of performance and a final performance report at the end of each financial year.rn

rnThe government will also be hauled up to be responsible for pre-election promises, with the law requiring that it declares the fiscal implications of any policy measures promised in the