ACCA Sri Lanka proposes govt. to establish Budget Monitoring Unit

Sri Lanka’s Association of Chartered Certified Accountants (ACCA), under its comprehensive set of proposals for the 2025 national budget, has proposed the government to establish a Budget Monitoring Unit as a key priority.
While there are mechanisms in place to monitor the budget, primarily through the National Budget Department at the Treasury, there is no centralised unit solely dedicated to budget monitoring. However, there was a monitoring unit setup at the Treasury to monitor the progress of the implementation of the 2018 budget proposals.

ACCA Sri Lanka recently presented its comprehensive set of proposals for the 2025 national budget to Finance Deputy Minister Dr. Harshana Sooriyapperuma, at the ACCA office. Titled ‘From Recovery to Sustainability – Crafting Sri Lanka’s Economic Blueprint for 2025’, the proposals focus on creating sustainable economic growth, enhancing public welfare and ensuring fiscal responsibility, amid Sri Lanka’s current economic challenges.
The other key priorities suggested by ACCA Sri Lanka included implementing comprehensive tax reforms and developing a fair and transparent public procurement process.

“We believe these recommendations address the immediate economic challenges while paving the way for sustainable growth. With a focus on transparency, efficiency, innovation and fostering a greener Sri Lanka through sustainable business practices, the ACCA stands ready to collaborate with the government in implementing the proposals. Leveraging our global expertise, we are dedicated to turning these proposals into actionable outcomes,” ACCA Sri Lanka Chairman Chaaminda Kumarasiri said. 

Additionally, the proposals emphasised on accelerating digital transformation, increasing investments in research and development institutions and improving the quality of education. 

The other key recommendations included revamping support for SMEs, rationalising expenditure, enhancing foreign investment and streamlining government institutions that support entrepreneurs. 

“These measures aim to foster sustainable growth, enhance efficiency and promote a more resilient economy,” ACCA Sri Lanka noted.

The proposals outlined by the ACCA focus on 10 key priorities designed to address both immediate economic challenges and long-term structural issues.