Politics

Dr. Harsha de Silva, the Chairman of the Committee on Public Finance, has emphasized that the ‘Rebuilding Sri Lanka’ Fund needs to be recognized by Parliament as a statutory fund. He explained that for the fund to be legally valid, it must be presented to Parliament for approval. “We cannot establish funds like ‘Helping Hambantota’ without a proper legal framework. This must be approved by Parliament, which has not happened yet. The ‘Rebuilding Sri Lanka’ Fund should be quickly set up through Parliament,” he stated. Additionally, MP de Silva highlighted the importance of transparency in this process. He believes that addressing the country's needs should involve both the government and the private sector. The private sector should be allowed to contribute where possible, while the government should manage areas where private involvement is not feasible. On another note, de Silva mentioned that Parliament should receive a supplementary estimate of Rs. 500 billion to assist in rebuilding efforts. He pointed out that the government has enough financial reserves for this initiative. “Next year, we have set aside Rs. 1,400 billion for capital projects like constructing roads and hospitals. Due to the damage from the cyclone, there are funds that can be redirected. I don’t think we need to look for new money. However, daily expenses, like house clean-up and related tasks, will need an additional Rs. 500 billion, which is manageable,” he explained. He also noted that there is a condition from the IMF that restricts primary spending to 13%, but due to the current crisis, there may be some leeway to exceed that limit. Furthermore, he mentioned that there is over one trillion rupees available in the banking system, providing additional financial support for the government.