Sri Lanka not revealing fiscal data according to law: legislator

Minister appoints Dr Swaminathan to IPACSL as Chairperson

May 27, 2013 (LBO) – Sri Lanka current administration is breaking the law in withholding information that should be filed in parliament under a fiscal responsibility law, which should be corrected from this year, a legislator has said. In the first three months of the year state and SOE borrowings from the banking system rose to a record 178 billion rupees or about 2.7 percent of GDP compared to a projected annual budget deficit target of 5.8 percent of GDP.
“By 30th June they are bound to present to parliament the estimates and actual income, expenditure cash flows and loans obtained,” United National Party legislator Harsha de Silva, an economist told reporters.

“All these years they have not been doing so, in violation of the constitution and the laws of this country.”

In June and November the finance ministry is expected to reveal the information in parliament, usually up to April in the first interim report.

In past reports the estimates and actual have been presented in respect of cash flows but not on expenditure, and income, debt he said.

“So we want to warn the government ahead of time, there is time one more month to please ensure that they abide by the law table in parliament all the re