Draft bill establishing separate budget office to be presented for parliamentary approval

The Cabinet nod has been granted to table the draft bill establishing a separate budget office at Parliament, for approval.

President Ranil Wickremesinghe, in his capacity as the Finance, Economic Stabilisation and National Policies Minister, this week sought the approval of the Cabinet of Ministers to gazette the draft bill prepared by the Legal Draftsman and to present the bill in Parliament for approval.

The draft bill has already been cleared by the Attorney General.

With the establishment of a separate budget office at Parliament, Cabinet Spokesperson Minister Bandula Gunawardene pointed out that Parliament would become truly responsible for public finances, resulting in increased transparency and fiscal discipline.

The draft bill is aimed at granting provisions for the proposed budget office to monitor public financial affairs by directly obtaining information related to public finances, including income and expenditure.

The initial Cabinet approval to setup a separate budget office at Parliament was granted by the Cabinet of Ministers last December.