- Cabinet Co-Spokesman Bandula Gunawardena says bad fiscal management of successive governments key reason for ongoing economic crisis
- Claims arbitrary decisions led to amend Fiscal Management (Responsibility) Act 2003
- Explains everyone involved in fiscal management is collectively responsible for current crisis
The Government has instructed the Legal Draftsman to prepare a Bill to establish the proposed Parliamentary Budget Office.
The proposal to this effect submitted by President Ranil Wickremesinghe in his capacity as the Finance, Economic Stabilisation and National Policies Minister was approved by the Cabinet of Ministers at its meeting on Monday.
“The bad fiscal management of successive governments is the reason for the economic crisis today,” Cabinet Co-Spokesman and Minister Bandula Gunawardena said at the post-Cabinet meeting media briefing yesterday.
On 31 October, a preliminary Bill for the establishment of the Parliamentary Budget Office submitted by President Ranil Wickremesinghe in his capacity as the Finance, Economic Stabilisation and National Policies Minister was approved by the Cabinet of Ministers.
During the Cabinet meeting, it was decided to forward the draft Bill to all the party leaders in Parliament and obtain their standpoints concerning the matters included in the draft.
“Prime Minister Dinesh Gunawardena led the consultation on the relevant preliminary Bill with party leaders. The suggestions presented during discussions were submitted for consideration of the Cabinet of Ministers and it was decided to instruct the Legal Draftsman to prepare a Bill based on the preliminary bill taking into account the suggestions made by all parties,” Cabinet Co-Spokesman said.
He claimed that despite the Fiscal Management (Responsibility) Act No. 3 of 2003 being in effect, the current economic crisis was caused by the arbitrary and stubborn decisions made by previous administrations.
“The bad fiscal management of successive governments is the reason for the economic crisis today. The Parliament, Central Bank, and all parties involved in public financial management should be held accountable for this situation,” Cabinet Co-Spokesman stressed.