Fiscal Management (Responsibility) Act (No. 3 of 2003)

Sri Lanka Consolidated Acts

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Fiscal Management (Responsibility) Act (No. 3 of 2003) - Sect 9

Contents of Budget Economic Fiscal position Report

(1) The Budget Economic and Fiscal Position Report shall contain, in relation to the next financial year and the two succeeding financial years, the following information :

	(a) estimates relating to the gross domestic product ;

	(b) estimates relating to consumer prices ;

	(c) estimates relating to employment and unemployment;

	(d) estimates relating to the current account position of the balance payments ;

	(e) estimates relating to revenue expenditure ;

	(f) estimates relating to government borrowing ;

	(g) the basis, economic or otherwise which has been used in the preparation of the estimates specified in paragraphs (a) to (f);

	(h) a statement relating to the sensitivity of the estimates specified above, to the changes which may occur in connection with the economic or other basis used in the preparation of such estimates ;

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

(i) contingent liabilities including guarantees and indemnities, granted by the Government under any written law ;

(ii) public announcements relating to proposals of the Government in connection with Government spending not included in the estimates referred to in paragraph (e);

(iii) on going negotiations of the Government which have not been finalized ; and

	(j) such other information which may be necessary to reflect fairly, the financial position of the Government, in respect of each such financial year.

(2) Subject to the provisions of subsection (3) the information contained in the Budget Economic and Fiscal Position Report shall take into account, as far as possible, all government decisions and all other circumstances that may have a material effect on the fiscal and economic position of the Government.

(3) Nothing contained in this section shall be read and construed as requiring the inclusion in the Budget Economic and Fiscal Position Report, a disclosure of any information which, in the written opinion of the Minister, will

	(a) be prejudicial to national security ;

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

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