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FM gears up to present ‘performance-based budget’ this November

14 August 2017 09:42 am - 0     - {{hitsCtrl.values.hits}}

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The country’s Finance Ministry under the new Minister Managala Samaraweera is gearing up to present a performance-based budget this November for the year 2018, where the focus would be placed on results and key performance indicators (KPIs).


Accordingly, Treasury Secretary Dr. R.H.S. Samaratunga has informed all the line ministries, provincial ministries and head of department that their requests for budgetary allocations for projects should clearly indicate the details of the output of such projects and should also accompany KPIs.

The ministry said priority would be given for ongoing and foreign funded projects where KPI-based measurable outcomes are indentified for each project.


Further, the ministry said that capital expenditure projects that have been earmarked for implementation by the National Planning Department for each ministry would also be given priority provided the plans of such projects 
carry KPIs.


The medium-term macro–fiscal framework for 2018-2020 approved by the Cabinet of Ministers for the performance based budget preparation from the year 2018 include the rationalization of recurrent expenditure and prioritization of capital expenditure while enhancing government revenue mobilization and public investment and reducing the budget deficit and outstanding government debt.


Finance and Media Minister Mangala Samaraweera said the government expects such improvements in the performance of the public finance management would augur well with the realization of medium–term economic growth of around 6 to 7 percent.


The major macroeconomic assumptions in 2018 include real GDP growth of 6 percent, inflation to stabilize at 5 percent level and overall budget deficit to contain at 4.3 percent of GDP.
“Formulation of performance-based budget from 2018 has been built on the experience of implementing the zero-based budgeting approach adopted in the preceding years. 


Therefore, identifying the scope of the projects, defining the intended measurable outcomes and assessing the socio-economic impact on the projects, comprise the major elements of the performance-based budget preparations approach,” a Finance Ministry statement said.


The feasibility assessments of the projects forwarded by various ministries are being conducted at the Finance Ministry at present with the participation of the secretaries of the respective ministries.
Treasury Secretary Dr. Samaratunga requests all the line ministry secretaries and the Provincial Secretaries and the heads of departments and the heads of state-owned enterprises to submit their proposal without further delay.

 

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