A new Public Financial Management Act will be introduced – State Minister of Finance Shehan Semasinghe

(LANKAPUVATH | COLOMBO) – State Minister of Finance Shehan Semasinghe says that the fiscal consolidation strategies are a key component of the reform agenda. He said this while addressing the Sri Lanka Partnership Accelerator High-Level Forum organized by the United Nations – Colombo, which aims to emphasize the importance of partnerships in achieving sustainable development in Sri Lanka and showcase successful partnerships between different stakeholders that have contributed to the objective.

State Minister explained how Sri Lanka has taken bold steps to mitigate the harsh impacts on various sectors and communities, while ensuring that the country’s sustainable development priorities remain on track. He further said how the Government has prioritized an ambitious reform agenda centered on achieving macro-economic stability, debt sustainability, safeguarding financial stability and stepping up structural reforms to unlock Sri Lanka’s growth potential.

“Steps are being taken to increase non-tax revenue which is an important element in the fiscal consolidation process.The government has taken strict measures to manage appropriation of funds effectively. State Owned Enterprise Reforms are being carried out for restructuring the most fiscally significant State-Owned Enterprises. We will introduce a new Public Financial Management Act, incorporating binding fiscal rules and the appointment of an Inspector General to keep to public expenditure in check.” He further added.

Mr. Christian Skoog, UN Resident Coordinator (Ad-Interim) and Invitees from government, UN and other development agencies, private sector, civil society and the academia were presented in the forum.


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