Sri Lanka government gets historic Rs. 2,650 billion loans in 2020

Sri Lanka government has obtained Rs. 2,650 billion loans in 2020, some even without the approval of the parliament, Sri Lanka Opposition MP Kabir Hashim said in the parliament today. "It is the highest amount of debt Sri Lanka obtained within a year, in its history," MP Hashim highlighted. 

"The House is asked for a Covering approval for expenditures already incurred because the government has failed to get approval in advance," Hashim said.

"Two votes on account were passed for 1st Jan to Apr 30 and Sept 1st to December 31. However, there is a lapse of months from May 1 to Aug 20 no approval for expenses. President has no powers to approve of the 150 (3) of the constitution. Those expenses are illegal," MP Kabir Hashim stressed. 

"Rs. 721 billion loans were approved by the first vote on account. Loans of Rs. 1,300 were approved by the second vote on account. This is over Rs. 2,000 billion," he said.  

MP Kabir Hashim demanded the government to show what they had done with this much of money.

Sri Lanka government grabs the chair of Committee of Public Finance from the Opposition

Sri Lanka major opposition Samagi Jana Balavegaya (SJB) MP Dr. Harsha de Silva said that appointing government MP Anura Priyadarshana Yapa the Chairman of the parliamentary Committee of Public Finance was against checks and balances. He said that the appointment had been done after suspending the Standing Order that the Chairman must be from the Opposition. 

"I registered our strong protest. No check and balance!" MP Harsha de Silva tweeted. 

With reference to Standing Order 121, the post is held by an MP of the Opposition. Ilankai Tamil Arasu Kachchi (ITAK) MP M.A. Sumanthiran chaired the Committee of Public Finance in the last session of the previous parliament. 

Yapa's name was proposed by Minister Bandula Gunawardane and seconded by MP Dilan Perera when the committee met for the first time today.  

Eighteen member Committee of Public Finance was appointed on 3rd November. Ministers Bandula Gunawardana (SLPP), Nalaka Godahewa (SLPP), Keheliya Rambukwella (SLPP), Susil Premajayantha (SLPP), D.V. Chanaka (SLPP), Vidura Wickramanayaka (SLPP), Sarath Weerasekera (SLPP) and MP’s Anura Priyadharshana Yapa(SLPP), Vijitha Herath (NPP), Dilan Perera (SLPP), Harsha de Silva (SJB), M.A. Sumanthiran (ITAK), Chaminda Wijesiri (SJB), Hesha Withanage (SJB), Isuru Dodangoda (SLPP), Anupa Pasqual (SLPP), Sahan Pradeep Withana (SLPP) and Ranjith Bandara (SLPP) were appointed to the Committee on Public Finance. 

The proposal made by its members to appoint the Chairperson of the Committee at the committee meeting itself was passed in Parliament on November 3. 

Committee of Public Finance will meet again on November 12th to discuss the Appropriation Bill.

The parliament website mentions the following facts about the Committee of Public Finance:

The Committee on Public Finance consists of a Chair and eleven Members nominated by the Committee of Selection provided that the Chair shall be a Member of the Opposition.

It shall be the duty of the Committee on Public Finance to examine -

(a) the collection of revenue under Article 148 of the Constitution;
(b) the payment from the Consolidated Fund;
(c) the utilization of public funds for specific purposes by law;
(d) the application of public funds;
(e) the recessions of appropriations contained in the Appropriations Act for the current year, the transfer of appropriation and the unexpected balance;
(f) the implementation of the Appropriation Act for the current year;
(g) public debt and debt service; and
(h) reports and statements under the Fiscal Management (Responsibility) Act, No. 3 of 2003.

The Committee shall have power to fix its quorum.

 Reports

The Committee shall make interim reports from time to time.

The Committee shall, from time to time, report to Parliament, the issues arising from the matters referred to in paragraph above.

The Committee shall present within six weeks of the tabling of the Appropriation Bill a report on the estimates including whether the allocation of money is in compliance with the policies of the Government.

The Committee shall present before Parliament within four days after the presentation of the Budget and the Second Reading of the Appropriation Bill a Report on the fiscal, financial and economic assumptions used as the basis in arriving at total estimated expenditure and revenue.

[Refer to Standing Order No. 121]