Verité Research proposed 4 policy actions in 2020 to enhance Sri Lanka's public finance processes

Abstract

The Public Financial Management Act, No. 44 of 2024 and the Parliamentary Budget Office Act, No. 6 of 2023, contain several key policy actions aimed at improving public finance management in Sri Lanka. In February 2020, Verité Research organised a forum with key stakeholders, including government officials, to address critical issues in Sri Lanka’s public finance management and propose essential reforms. During this forum, Verité Research highlighted key policy actions necessary to enhance the country's public finance processes: They include backing proposals with analysis, enhanced information disclosure, a limit on discretionary budget, and the establishment of a parliamentary budget office. The Public Financial Management Act included three out of four proposed policies: backing proposals with analysis, enhanced information disclosure, and a limit on discretionary budget. The Parliamentary Budget Office Act implemented the fourth proposal by establishing a parliamentary budget office.