23 December 2024 10:08 am Views - 1629
In the wake of the recent revelation of politicians receiving money from the President’s Fund, many have questioned whether such disbursed funds can be refunded.
Incorporated by Act No.7 of 1978 of the Parliament of the Democratic Socialist Republic of Sri Lanka, the President’s Fund was inaugurated with an initial capital of Rs. 237,120, donated during the tenure of President J.R. Jayewardene.
According to the official website of the President’s Fund, the main source of income include, the Development Lotteries Board and public donations, with the accounts being audited annually by the Auditor General.
Its primary objectives include the relief of poverty, advancement of education and religion, recognizing national service, and other public benefit activities deemed appropriate by the President and the Board.
Further, the fund undertakes a spate of activities, such as medical assistance, poverty alleviation programmes, scholarships for students, and grants for religious and cultural endeavours.
Despite these objectives, the Act does not provide a clear mechanism for refunding or recovering funds once they are disbursed, leaving this matter at the discretion of the Board of Governors or under new rules formulated as per the Act. Nonetheless, the public has demanded greater transparency and stricter oversight of the Fund, calling for its resources to be used solely for their intended purposes.