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Independent Budget Office - a must: Harsha

7 November 2022 08:04 pm - 10     - {{hitsCtrl.values.hits}}

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An Independent Budget Office (IBO) is a must for the proper management and monitoring of public finance, expenditure and loans and therefore he would do all under his command to establish an IBO in a year with necessary legal power, SJB parliamentarian, Dr. Harsha De Silva said today.

Until then, a secretariat on interim basis would be set up for the purpose in Parliament headed by the Director of the Economic Research Department of the Central Bank, he added.

Dr. De Silva, who is also the chairman of the parliamentary oversight committee, the Committee of Public Finance (COPF) told Daily Mirror that any other sub committees under the COPF are not necessary if and when this mechanism is in place.

“The main objective of the COPF is to prevent mismanagement, incompetency and waste in utilization of public finance, public loans and public expenditure, the prerequisites for system change. It was President Ranil Wickremesinghe who first mooted the idea to establish a budget office during the yahapalana government. The main function of the budget office would be analysis, evaluation and make recommendations accordingly in respect of public finance, expenditure and loans. The members of Parliament will also be provided with a thorough analysis and evaluation of public finance via this set up. MPs must have a good knowledge on Bills presented in parliament, on Finance Bill in particular before they debate and vote ,” Dr. De Silva stressed.

When the major tax relief was given and tax cuts were introduced for sugar imports by former President Gotabaya Rajapaksa in 2021, the Parliament, the Central Bank or Inland Revenue Department were unaware. This lack of evaluation and analysis of fiscal and economic decisions ultimately led to a massive revenue loss to the state. If there was a budget office this would not have happened, Dr. De Silva pointed out.

However, Dr. De Silva told Daily Mirror that technical support was vital to make the functions of the COPF as well as of the PFO successful.

“We don’t have a Technical Staff in parliament. Therefore we must establish a technical team with proper discipline, efficiency and professional ability to serve both, he stressed. (Sandun A Jayasekera)


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  Comments - 10

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  • Sam Silva Monday, 07 November 2022 08:37 PM

    Dr you could say anything and everything to comply but the end result is they do what suits for them. Isn't what is being happening for decades and also the reason for the present situation in the country.

    Iwazaru Monday, 07 November 2022 08:38 PM

    What is now needed is a fresh mandate from the people and not from the 134 clowns. Fight for an election.

    Econ-Mutt Monday, 07 November 2022 08:50 PM

    First things first ! Get SL out of the economic mess. Otherwise, an office will not be necessary.

    Sam Monday, 07 November 2022 08:54 PM

    We do the same with incompetent Managers at work. We divert work around them so that it gets done and gets done properly. It's not the best way as you are actually just employing people to do the ministers jobs for them but sometimes it's the only way.

    Jude Monday, 07 November 2022 09:45 PM

    Hey Harsha as you know SL never had any institutions independent!! And you can call it independent but it'll never function as independent!! Yeah!!

    Use the auditors Monday, 07 November 2022 10:24 PM

    You can have hundreds of procedures, but do you have people who are courageous enough to implement them? Especially when GOTA decided to cut down tax worth of 15 billion? Try to trace the route of the 15 billion. It seems the Internal Auditors are just decorations in Govt. Depts. They are not put to good use due to their own safety.

    Raj Gonsalkorale Tuesday, 08 November 2022 04:33 AM

    Excellent suggestion Dr De Silva. I hope you will discuss this with the President and move a proposal in Parliament to establish this institution. It is a vital necessity for Sri Lanka

    common man Tuesday, 08 November 2022 09:40 AM

    as a member of parliament, saying what is good and not is not enough, do it, Sir!

    Jude Tuesday, 08 November 2022 09:44 AM

    Wow Harsha coming up with brilliant ideas when he's out of power!! Huh!!

    “ The Lansi Burgher Gent “ Wednesday, 09 November 2022 03:18 PM

    Harsha, whilst we have no beef to pick with your professional experience and expertise, we certainly do with your political one. You’re batting on the wrong side of the wicket, my friend. Come out of that rat hole of a party you are hiding at and go independent. Form a team of seasoned professionals in varied fields and put together something substantial for the betterment of the country. We the common man, woman and child need a fresh alternative to plug the holes in the sinking ship. We don’t see anyone or any party capable of getting us out of this soup. Form an independent party and get cracking.


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