28 September, 2020

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Citizens Await The Pre-Election Budgetary Position Report

By Chandra Jayaratne

Chandra Jayaratne

In terms of the section 16 (1) of the Fiscal Management (Responsibility) Act No. 2 of 2003 as amended, “The Secretary to the Ministry of the Minister, shall within three weeks of the publication our Proclamation or Order requiring the holding of a general election for the election of members of Parliament, cause to be released to the public a Pre-election Budgetary Position Report containing information on the fiscal position of the country”. 

The citizens eagerly await such release; and trust that the media will give it top priority publicity; and arrange analytical and professional talk shows around its disclosures; whilst the academia, business and activists will critique it and signal the derivative socio & macro-economic consequences in the short to medium term.

Section 17 (1) of the Fiscal Management (Responsibility) Act No. 2 of 2003 as amended, specifies that “Every Pre-election Budgetary Position Report shall contain the following information for the current financial year :—

(a) estimates of revenue and expenditure;

(b) estimates of the Government borrowings;

(c) the economic and other assumptions that have been used in preparing such estimates;

(d) a statement of the risks, quantified where practicable, that may have material effect on the fiscal position, such as —

(i) contingent liabilities including guarantees and indemnities given by the Government under any Act;

(ii) publicly announced proposals for spending by the Government that have not been included in the estimates referred to in paragraph (a); and

(iii) Government negotiations in progress and not finalized; and

(e) such other information as may be necessary to reflect fairly the financial position of the Government, as at the date of the said Report.

Whereas, Section 17 (2) specifies that “The information in the Pre-election Budgetary Position Report, shall, subject to the provisions of subsection (3) take into account to the fullest possible extent any decision of the Government having a material effect on the fiscal position, and

Section 17 (3) Nothing in this section shall be read or construed as requiring the inclusion in a Pre-election Budgetary Position Report, of any information, the disclosure of which would, in the opinion of the Minister given in writing —

(a) be prejudicial to national security;

(b) compromise Sri Lanka in a material way in negotiation, litigation or commercial activity.

(4) Where information on any matter required to be included in a Pre-election Budgetary Position Report remains unchanged from the information on that matter included in a previous Budget Economic and Fiscal Position Report or a Mid-Year Budget Fiscal Position Report, the Pre-election Budgetary Position Report shall state that such information remains unchanged from the information included in either or both of these previous reports.

It is important to recognize that Section 18 of the aforesaid Act stipulates that “1 For the purpose of enabling the Secretary to prepare a Pre-Election Budgetary Position Report under section 16, the Minister shall, within one week of the publication of the Proclamation or Order requiring the holding of a General Election for the election of Members of Parliament, disclose to the Secretary, details of all Government decisions and other circumstances —

(a) within the knowledge of the Minister ; and

(b) which have, or could have, material fiscal or economic implications; and

 further that Section 19 clarifies that “Every Pre-election Budgetary Position Report shall be accompanied by —

(a) statement signed by the Minister to the effect that the Minister has complied with the requirements of section 18 ;

(b) a statement by the Secretary to the effect that the information in the report, to the fullest extent possible —

(i) reflects the best professional judgement of the officer’s of the Ministry of the Minister ;

 (ii) takes into account all economic and fiscal information available to the Ministry;

(iii) incorporates the fiscal implications of the Government decisions and circumstances disclosed to him or her by the Minister under section 18.

Arising from the Central Bank’s Policy Announcement on 5th March 2020, citizens also await the Pre-election Budgetary Position Report, to further clarify the 2020 financial year related position of the Ministry of Finance on the following:

1. Cumulative impact of last year’s Easter Sunday attacks, Presidential Elections and Current years General Elections and COVID 19 crisis, on the Growth, Fiscal Deficit,  Inflation and Exchange Rates, Foreign Direct Investments and External Borrowings

2. 2020 revised Targets for Growth, Per Capita GDP, Fiscal Deficit,  Inflation and Exchange Rate targets, Foreign Direct Investments and Savings and Investments Gap

3. Outcomes of Government’s discussions with China Development Bank and the relevant term sheet agreed upon to obtain a Loan up to USD 2 billion 

4. Expected outcomes from initiatives to secure external debt moratorium on bi-lateral and multi-lateral debt obligations

5. Whether remaining tranche of the IMF funding and MCC Grant are likely to be received and what additional IMF and multilateral and bi-lateral assistance, aid and grants are expected

6. Year 2020 planned for further external borrowing within and outside the previously approved borrowing limits, showing the expected term sheets and timing

7. Plans for meeting external debt service obligations of 2020

8. Expected changes in international risk ratings of Sri Lanka in 2020

9. Expected Foreign Direct Investments 

10. Expected Worker remittances

11. Estimated tourist arrivals and expected revenue

12. Assumptions on Energy prices and expected outflows on energy supplies

13. Expected State Sector and Private Sector Credit Growth

14. Expected sector performances

15. Whether the assumptions used in developing the 2020 report has taken cognizance of

* Other elections due in 2020 related costs and likely economic slowdown

* Availability of uninterrupted power supplies

* Ethno- religious harmony driving the economy

* GSP + benefits remaining to be available

* Contingencies on environmental related calamities and natural disasters

* Stability of the Banking and Finance and Plantations Sectors

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Latest comments

  • 10
    4

    Mr. Chandra Jayaratne: You are a very, very tactless person. You are asking the government extremely awkward questions just as the party in power is getting ready to work for a two-third majority at the forthcoming parliamentary elections. How do you expect the Secretary to the Finance Ministry to answer these difficult questions? You know very well that no one in the top branches of government likes to answer difficult questions. You are simply asking for trouble!

    • 13
      0

      Chandra Jayaratne,

      “In terms of the section 16 (1) of the Fiscal Management (Responsibility) Act No. 2 of 2003 as amended, “The Secretary to the Ministry of the Minister, shall within three weeks of the publication our Proclamation or Order requiring the holding of a general election for the election of members of Parliament, cause to be released to the public a Pre-election Budgetary Position Report containing information on the fiscal position of the country”.

      Thanks for your article.

      However, in terms of the Tribal rules of the Mafia, the above rules you describe are subservient to the Tribal rules, and will only be followed if it us in the best interest of the Tribe, it’s members and cronies.

      There are many such examples, such as appointing corrupt judges, downplaying scams etc., which many of the Para-imbeciles, mean MEASURED IQ 79, have no clue.

      Do you know what Robert Knox had to say 300 years ago?

      • 1
        0

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      • 3
        0

        Mr. Chandra Jayaratna,

        The Tribe, elected by the Para-imbeciles, mean IQ 79, will join their Para-cousins from India, mean IQ 81, in celebrating the Myth of Katchstheevu feast, where there is no evidence that it resulted in any pilgrim reached Heaven, and increase the probability of spreading the Coronivirus.

        As many as 3,000 pilgrims from India are scheduled to attend the annual Katchatheevu feast, a special quarantine team of the Health Ministry has been sent as a precautionary measure to prevent the spread of coronavirus, the Navy said yesterday.

        Navy Spokesman Isuru Sooriyabandara said that all the arrangements had been made to hold the Katchatheevu feast on Saturday (March 7).

        “We believe as many as 3,000 pilgrims from India and 7,000 pilgrims from Sri Lanka will attend the feast. Considering the prevailing health situation, we informed the health ministry, and they have sent a special quarantine team to Katchatheevu feast to provide necessarily quarantine facility if needed,” Lt. Commander Sooriyabandara said.

        India yesterday reported its 30th confirmed case of COVID-19

        Is stupidity a virtue for the Paras?

    • 10
      0

      Mr. Chandra Jayaratna,

      The Tribe has lost it’s bearings, by promoting the tribal interests, says saffron clad monk. He says that the Tribe is infected by the Corona virus. Not the Buddha-Agama, Buddha’s Religion Boris.

      The present Government has lost its popularity by fifty per cent within the first hundred days, like a man infected with Coronavirus (COVID-19), National Bhikkhu Front (NBF) General Secretary Ven. Wakamulle Uditha Thera said.

      Speaking at a media briefing yesterday, the Thera said it was clear that the President had decided to dissolve Parliament early because of the fear that the popularity of the government would further deteriorate.

      “However, the present Government has the opportunity to continue for another six months until September this year without going for dissolution,” he said.

      “This Government was unable to fulfill even the major election promises pledged by President Gotabaya Rajapaksa during his Presidential Election campaign,” he said.

      “The present Government’s health is deteriorating like a patient infected by the Coronavirus,” he said.

      “The National Security which this Government promised during the Presidential Election campaign has now failed,” the Thera added.

    • 1
      7

      My strong feeling whether Mr. Jayarathne is genuine because he has awaken suddenly after how four and half years. Is he a Konduru Thel salesman or writing for some agency.

    • 8
      0

      Voting for Sajith is handing over Sri Lanka to the maharajahs so much for the Sinhala Buddhist Sri Lanka. TNA has realized Ranil is a safer bet at this point instead of puppet Sajith who is batting for both the Rajapaksas and Maharajahs. A puppet doesn’t know he is a puppet when the puppet master is an expert player. JVP knows Sajith is a problem too and are taking their time to see where his loyalties are. Mano Ganesha has no brains to see this. Younger UNP politicians are blind followers running behind Sajith. A few are players waiting for Sajith to split the UNP to hijack the new party from him. Good that Sajith is leaving the UNP now he has to own his failures without hurting the UNP…

      • 1
        1

        One positive thing that others say, He has stolen from the govt. There are allegations but they did not go FCID or Bribary commissions which are also look like Jokes.AT LEAST PUBLISH THE DOCUMENTS IN A WEB BLOG. SO PEOPLE WILL UNDERSTAND.

  • 9
    1

    the hapless and the helpless citizens except for the likes of me who are fattening themselves by living in many the joyous democratic isle where due to higher than usual income levels are able in absolute bliss.
    =
    I pity those who are forced to abode in fifth world countries like similar to the one that I and my family were forced due to circumstances beyond my control were forced to abdicate from.?
    =
    most peasants who are compelled to live on this hellhole due to no other choice wake up in a sweat every day.?
    =
    with their meager incomes with a depreciating by the second currency they live in a dreamworld not knowing from where their next incomplete putrid meal comes from.?
    =
    wages just do not keep in pace with the rising by the second cost of living increases.?
    most of the poverty-stricken yokels are 100% malnourished, they just cannot afford to have a khatha [ a cup of black/plain tea which along with jaggery/sugar have now become luxurious items in this paradise of a Kota uda papiss dreamland of a paradise.?
    =
    whist reading for my economics paper, I was unceremoniously told in no uncertain terms that all that is stated is mainly a hog-wash.
    even hogs will have a great laugh at these packs of fibs.?
    =
    in a simple nutshell, even the dumbest simpleton who has no other choice but to while away his last few days will be able to hasten to meet his maker showing off his 32 decayed teeth.
    =
    how sad, R. J.

  • 9
    4

    Stupid article. Who cares about Acts of.Parliament. These days we do not care about Consitution, In a military state, where a US Security Guard rules, everything is what.HE says

  • 6
    0

    This wont happen. There are not enough funds to carry on after the election.
    Massive loans will be sought from abroad, probably from China.
    The only way to carryon is the cancellation/abolition of useless/loosing state enterprises, cancel any planned socio-economic projects, reduce expenditure on parliament and members/infrastructure of same and try to manage within existing state income, taxes etc. No more vehicles for MPs or others – use existing ones on a pool basis – one driver & vehicle for each MP and state officers, state owned.
    All this for a start, and more ways will be found.

  • 11
    1

    Chandra,

    ——-Here is the pre-election budgetary position:

    ——No more IMF, EU, or MCC funding ——–for a military state controlled by an uneducated US Gas Assistant and a Security Guard…….

    ————Corona infected China is in big trouble ——with 33% of factories closed –Chinese folks starving — Chinese communist sharks scrambling for survival —–begging Trump US to help out. Glad that China is out of the equation.—–

    —-where is the allocation for recruiting 45,000 graduates?????? Cheap election propaganda ….that will boomerang on POHOTTUWA….—-surely

    ———–Pohottuwa is doomed ——–
    ——Gathapaya days are numbered…..

    ——-With International Economic sanctions in the offing ——Airbus Namal is bleating —–

    • 1
      7

      Maharage, first go back to Tamilnadu and learn how to write the name GOTHAPAYA.
      With respect to 54000 graduates getting employment and 100,000 unskilled rural youth getting jobs, that is a stupid decision by Election commission by one hostile member of the commission. Otherwise, the General election and the presidential election must have been simultaneous. From one side, one group bug the president is saying, for three months he has done nothing. In another side, another group is saying providing employment is election gimmick. Why all these stupid anti-sri Lankans or Anti-president group did not ask both elections at the same time. I think that official must be chased out.
      It is the same thing with Chandra Jayarathne’s who is, I heard, DIMU Jayarathne’s brother, concern about the Budget. He wants to tighten the noose on this govt on the budget approved by the Yahapalana govt while he was mum on multiple bond scams and many other Tax breaks given RAVI the Liar to rich car importers and Mangala’s unaccounted $750,000 came from MCC.
      Fair to ask, if he were always the same.

      • 8
        1

        JD –
        the pus wedilla,
        keep on dreaming and dreams are free they say.?
        =
        now this sad nation is fastidiously managed by a bunch of nincompoops all uneducated criminal yokels whose only ambition and desire are to drain the economy of whatever little it has got in its coffers.?
        =
        now it is a bandu the pandu time in this military state.?
        =
        cheers, R. J.

        • 2
          5

          Rohan Johnpillai the devout Hindu (with a christian name)

          First you LTTE terrorists bankrupted the country for 33 years. After that 225 – TNA terrorists supporters were there too. – are bankrupting the country. Remember, how Ranil escape even from the theft of emptying banks and ETF/EPs. He came to clean the previous govt and now their, Bank minister Ranil, Former minister and last minister all have baggages and two are well known vagabonds. I heard one, at that time, was feeling suicidal as he has a gun with him.

          • 1
            1

            JD, the doubtful always fires his impotent gun looking at Bombay but shoots at Calcutta,
            =
            I was born a Roman Catholic and will be one till death will finally take me to hell.?
            was educated at St.Joseph’s College Colombo the premier private Catholic boys educational institution.
            =
            the LTTE when they were ruling had surpluses in their areas of operation, it was corruption and vice free.
            ever since the poll which was held in 1956 your blue-shirted asses have drained the nation on all fronts I boldly and factually state.?
            =
            now it has become a military junta where thievery is the name of the game.
            =
            do you doubt that too.
            have the balls to answer.?
            =
            cheers, R. J.

      • 6
        1

        JD,

        —-Your GOTHAPAYA or my Gathapaya is the same Gottler that is we are taking about. There is no need to go to Tamilnadu.

        ——–All we know is that Pohottuwa is fast withering even long before it blooms. 100 days just evaporated with only big talks in the air from an uncouth mouth of an uneducated soldier —

        ———–45,000 fake graduate appointments and 100,000 unskilled jobs for rural youth are obviously election gimmicks worse than the Tooth-brush mustached MaRa’s SIL REDI donations at tax payers’ cost ……….

        ——-Perhaps, Red Amuda Lensuwas may be better than Sil Redi, this time around —

        ———Because MaRa and his uncivilized tribe are wearing RED AMUDA LENSUWAS around their neck—–a nice symbol of the their primitiveness ..

        ——6.9 Sinhala Buddhists that voted this tribe back to power were truly lured by Amuda Lensuwa more than Sil Reddda…..

        • 2
          0

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          • 4
            0

            Egle Eye BP,

            thanks for making it short. May all be on to heal your mindset before you kick the bucket in the days to come.
            Bps in our home country are misleading the nation for their power struggle.

          • 4
            1

            Eagle Brain Dead Blind Eye

            Brilliant.
            You are doing well.
            Thanks for being brief.
            Keep up your good work.

          • 1
            0

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  • 7
    0

    All signs are that Gota is taking a direction, backed by the Forces to so-called
    democratic elections, with the 2/3rd dream to establish himself and extended
    family including cohorts – the failure Country-wise is visible ahead.

  • 4
    2

    Is there Sil ready this time too? What are the Sewra horu going to et as a prelude to the election.

    “Govt is in the midst of negotiating a new loan from China, which could be as much as $2 billion and is likely to be finalised over the next few weeks, Senior Deputy Governor Dr. Nandalal Weerasinghe said.”

    Basil should be laughing.

    • 3
      0

      Burt

      “Basil should be laughing.”

      Is there any particular bank that you could recommend Basil?
      Mind you Mahinda is the Minister of Finance.

  • 8
    0

    Before the Presidential election Gotabaya, Mahinda, Namal, “Puss Economist Bandula Gunewardena”, Dilan, SB, Keli Keheliya, Bad Mouth Pavithra, Game Guy Gammanpilla, Kunu Kata Weerawansa, Casino King Sumathipala and few other Pohottuwa guys, declared that they have a solid plan to manage the financial requirements of the country. Immediately after the elections, during Mahinda’s first visit abroad to India he declared that SL is broke and cannot pay its loans, this clearly shows that they did not have any plan. Do we need such liars and bogus pundits who do not either understand financial matters or blatantly lied to us to run the government after the general election?

    • 3
      0

      Buddhist

      ” Do we need such liars and bogus pundits who do not either understand financial matters or blatantly lied to us to run the government after the general election?”

      Imbeciles, mean MEASURED IQ 79, DO need “such liars and bogus pundits “, because they prostrate to saffron clad monks, believe that the monks are the 3rd Gem of the Triple Gem ( Sangha Ratna) . keep saying “SANGAM SARANAM GACHHAMI” accepts that 2/2=0, etc.

      PS. Has any prostrating imbecile, mean IQ 79, reached or achieved Nibbana or Extinction yet? There are no conclusive reports so far.

  • 6
    0

    What have the citizens who always have it all ever cared ?

    What on earth are the deciding Citizens( mafias) who move the larger portion of the citizens who are either extremly poor or those in the spider web of a system that will.never let them meet ends to vote exactly the way that benifits them, ever done but just that.

    The Politicians can not make changes even if they are 100% sincere

    Because we have a powerful lot of Citizens ( Mafias)Who are ,
    Selfish people who do not consider
    How their manupulations of the system effects others.
    What matters is their convience and the access to a quick buck,
    Customs , financial institutes , natural resources to Tenders under the table
    And it is not the fault of Any politician
    Its 100% the fault of the ignorant common Citizen who have no idea of the value of his frenchise and let him be decieved by use of hate , racism and religous
    bigotry.
    I do not agree , we need only phds , masters and degree holders to run the country, that is utter nonsense .
    Look at Billgates , he is a dropout.
    Look how much he is giving back to society .
    We need daring , honest Politicians
    Who can not be manupilated by anyone .
    And is even willing to die for rhe people by creating a system where all citizens are treated equally with equal opportunities .
    Make grants and tenders 100% transparent .
    Will it ever happen ?
    I can say it with responsibility , even if The politicians want to , The mafia lot wont let them , untill all the people unite as one.

    Another election and another waste of hufe public funds borrowed and adding to our debts .

    • 1
      2

      We need Post graduate and graduate degree holders. Additionally, Who essentially need is those who love the country over their personal benefits. Even village village veda mahaththays and not the village – charity lover – Kasippu mudalali or the Kudu mudalali. There should be lot of educated who have become nincompoop who does not think far. See how many are running away from the country once election is over and how many are quitting their positions. Why so many businessman politicians have gathered around party Leaders and now mudalalis are becoming the three wheeler Party Leaders. One new one is accused of steeling loads of DUNUKOLA FROM CTB.

  • 3
    0

    The quality of Sri Lanka would increase leaps and bounds if duties imposed by laws are carried out by the respective parties. We all know that most of the rules are more observed in breach rather than compliance. The real issue is that more information is provided, more would be unpleasant revelations. I can only say, “MAY GOD HELP”.

  • 0
    2

    Is this real?

    Is it in the Constitution for the Minister to tell us, all these Fiscal requirements ,before they go to tick the Boxes to send all those Honorable Members to Kotte?.
    How cool?.

    With all these tight regulations, how come Dr Ranil and his Yahapalana Cabinet ripped the Guts of the EPF?.
    And transferred 11 Billion Ruppiahs of our EPF money into the pockets of a few rich staunch UNP families and their mates who are Honorable MPs in Kotte?.

    But then Mr Karunanayaka wasn’t the Minister who had to tell the suckers all these measures of Good Yahapalana Governance .

    Do our great majority of the Citizenry know all these regulations are there to look after them?.
    Will they understand them, even if Derana and Hiru tell them every night about these requirements running up to the Election?.

    I know UNP Prez Candidate ‘s main Fiscal offering was to give Sanitary Pads to our Village Women ,
    And free Bath Packets to their Children .
    And he was the Candidate from the Capitalist Party who are the masters of Economics and Fiscal and Monetary policies.

    And his Finance Minster Mangala Samare was in charge, when the PM Dr Ranil gave the Prez Candidacy to that UNP stalwart from Keselwatta who even earned that catchy pet name the Padmaan and nearly pulled it off .

    Did Mangala Samare tell us suckers how those freebees and a whole host of other promises .
    fit in with those regulations which Dr Jayarathna has been kind enough to list for our Citizenry?.

    I hope at least those are in Sinhala, unlike Dr Rani and his UNP Cabinet’s MCC agreement which nearly got past the post before the last Election.

    • 0
      2

      Dear Native,

      Wonder who will provide the details which Dr Jayaratahana’s has demanded in his List from the contestants for the Election.?.

      My Elders just tweeted me that Dr Rani’s Boy at Srikotha Akila has sent in the Green Elephant to Makko as their Election Symbol.

      Will Keselwatta Kid send the Telephone or a Mammoty ( Is that the correct word for our Udella) for his Alliance ?.

      BTW, Do you know the Sinhala word for Dalits , because I like the UNP Opposition Leader to call his new faction the ” Eksath Jaththika Dalit Party” in Sinhaha of course ..

  • 0
    2

    Did Mr. Jayaratne call for such a statement prior to the 2015 August General Election?

  • 2
    0

    Buddhist just see the news . Tourism industry will loose in Billions. Air Lanka is cancelling flights in most routes (actually may end up saving money by not flying anymore). GDP has already been revised down for this year,we are still in March and 9 more months to go. Middle East will be sending more workers back (double whammy of Corona and crude hitting low). Govt is trying to artificially create jobs and the treasury will take up the losses (GR has already instructed treasury to take all expenses up to elections that way campaign cost and potential freebies, dole,donation and gifts too will be covered by treasury). Good Friend China can only afford to send thank you cards for now, because they just pumped 75 Billions into their cash market to resuscitate their own survival/economy. The losses from Corona all over world , not just China is yet to assessed (provided it will be soon under control and no fresh breakouts or pandemic). Yet our Lankans are in bliss with election circus.

  • 1
    4

    What Mr Jayaratne is asking for is not a must.
    /
    All the government has to do is to propose a budget at the time its due. It will be debated in parliament and voted for or against.
    /
    So there is no need to worry on this matter.

  • 3
    0

    To manage Financial/economic crisis our govt has taken necessary steps. As usual create LTTE/ISIS from no where, to divert and deflect the crisis elsewhere, which is guaranteed to keep voting public entertained. So there were few arrested, in North and East for reviving and plotting ?????? Possibilities of more until ELECTIONS, the biggest and costliest (7.5 Billion LKR) circus is in town. Jeyawewa.

  • 3
    0

    Dear Chandra,
    The truth is 95% of the Buddhist Sinhala do not understand these requirement, even they don’t know what is a budget. Even Professor GL series will not give you an answer but he will Gota and Mahinda family will do whatever they promise to Buddhist Sinhala and they will tell the family alone fought against LTT and won, they now won UNHRC, they won US.
    As long as racism, and anti American propaganda is there it is simple victory for Mahinda family even they murder 50% of Sinhalese.

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