Govt. presents Bill to amend Fiscal Management (Responsibility) Act

The Government on Wednesday presented a Bill to amend the Fiscal Management (Responsibility) Act No. 3 of 2003 to Parliament which seeks to increase the guaranteed limit specified in the Act from 10 to 15%.

The Bill also seeks to move the established debt to GDP target to 1 January 2030 from 1 January 2020. 

The amendments to the Act were approved by Cabinet last month on a proposal by Prime Minister Mahinda Rajapaksa who is also the Minister of Finance.

The Government Fiscal Management (Responsibility) Act No. 3 of 2003 was passed, with a view to introducing Government Fiscal Targets as a guide to be followed to ensure a more responsible Government fiscal management.