Business
Call to ensure credible implementation of budget-2021 proposals
By Sanath Nanayakkare
In the lead up to the highly anticipated 2021 budget, Verité Research recently announced the latest results and recommendations of their annual budget monitoring study, which tracks the government’s performance and openness on key promises made in its recent annual budgets.
According to Verité Research, in the 2018 budget speech, the Minister of Finance announced that an implementation unit would be set up under the ministry to monitor the execution of the proposals. However, in response to an RTI (Right to Information) request, the Ministry of Finance claimed that such a unit did not exist. Yet, in another response, this statement was contradicted by the same ministry.
“These weaknesses in information disclosure and implementation of budget promises suggest that the budget being implemented is inconsistent with the one declared to parliament and that the government is not fully aware of how public funds are spent”, Verité said.
“For the period January – December 2017, 8% of promises tracked by our platform from the 2017 budget speech were categorised as fulfilled. At the end of the first six months of 2018, the pace of progress was slow – only 8% of promises were progressing in line with their targets. Besides, progress on 33% of proposals is categorised as either broken, neglected or undisclosed. This means that the government is either not doing what it is saying or not saying what it is doing for budget promises worth Rs. 60,200 million. The bulk of expenditure proposals in the 2018 budget (59%) is thus categorised as lagging in terms of their implementation”.
“In 2019, the platform tracked 37 promises worth Rs. 100,875 million from the 2019 budget. According to it, there is a divergence in what is said in budget speeches and what is implemented, in both expenditure proposals and policy proposals. Their analyses found that many expenditure proposals have their allocations reduced every year. In 2019, 41% of the policy proposals tracked by the platform were not implemented”,Verité has found.
Speaking at the online briefing, Lahiri Jayasinghe, Assistant Analyst – Verité Research said that the government is going to present the budget for 2021 against a background of weak global economy and challenging domestic fiscal conditions exacerbated by the Covid-19 pandemic, and therefore an effective oversight of the budget implementation process for the Financial Year 2021 would be vital.
“The government has announced its vision for a turnaround of the public sector and elimination of waste and corruption. There’s limited fiscal space for government’s operations. In this background, we suggest that there should be a parliamentary committee or an authoritative body of the Finance Ministry to whom the oversight of the budget implementation process is entrusted in order to ensure a credible implementation process in 2021 and achieve the budget’s intended targets and goals”.
“In 2019, openness on proposals was hindered by the frequent changes to ministerial portfolios. The budget monitoring process revealed that the fragmentation of ministries had resulted in a breakdown of the lines of responsibility. Even those that were tasked with oversight of the budget were not able to provide clarity on the agencies responsible for implementing specific budget proposals”.
“In 2019, no information was available on the implementation of 32% of proposals. This is a significant deterioration from the problem of missing information in the previous year, where only 13% of the proposals fell into this category of ‘no information. For a more credible budget, we recommend the following:
1. Develop and document supporting information and analysis for each proposal prior to including it in the budget.
2. Provide timely and consistent disclosure on budget implementation on ministry websites.
3. Provide better oversight through the executive and legislature (e.g parliamentary committees and structures)
4. Reduce the fragmentation of ministerial portfolios and ensure that a clear line of accountability is maintained on the implementation of each budget proposal”, Lahiri Jayasinghe said.
Deshal de Mel, Research Director joined the session for the Q&A while the presentations were moderated by Chalani Ranwala.
The Delegation of German Industry and Commerce in Sri Lanka (AHK Sri Lanka) proudly facilitated the first-ever Sri Lankan delegation’s participation at Drupa 2024, the world’s largest trade fair for the printing industry and technology. Held after an eight-year hiatus, Drupa 2024 was a landmark event, marking significant advancements and opportunities in the global printing industry.
AHK Sri Lanka played a pivotal role in organising and supporting the delegation, which comprised 17 members from the Sri Lanka Association for Printers (SLAP), representing eight companies from the commercial, newspaper, stationery printing, and packaging industries. This pioneering effort by AHK Sri Lanka not only showcased the diverse capabilities of Sri Lanka’s printing sector but also facilitated vital bilateral discussions with key stakeholders from the German printing industry.
Business
Unveiling Ayugiri: Browns Hotels & Resorts sets the stage for a new era in luxury Ayurveda Wellness
In a captivating reimagining of luxury wellness tourism, Browns Hotels & Resorts proudly unveiled the exquisite Ayugiri Ayurveda Wellness Resort Sigiriya. This momentous occasion, celebrated amidst a vibrant and serene grand opening on the 6th of June, heralds a new chapter in the Ayurveda wellness tourism landscape in Sri Lanka. Nestled amidst 54 acres of unspoiled natural splendour, Ayugiri features 22 exclusive suites and stands out as the only luxury Ayurveda wellness resort in the country offering plunge pools in every room, rendering it truly one-of-a-kind.
The grand opening of Ayugiri Ayurveda Wellness Resort was an enchanting event, where guests were captivated by the melodies of flutists and violinists resonating through Sigiriya’s lush landscapes. As traditional drummers and dancers infused the air with vibrant energy, Browns Hotels & Resorts’ CEO, Eksath Wijeratne, Kotaro Katsuki, Acting Ambassador for the Embassy of Japan and General Manager, Buwaneka Bandara, unveiled the resort’s new logo, marking a significant moment witnessed by distinguished guests from the French Embassy, Ayurveda and wellness enthusiasts along with officials from the Sigiriya area, LOLC Holdings and Browns Group.
“Our strategic expansion into wellness tourism with Ayugiri Ayurveda Wellness Resort Sigiriya symbolises a significant milestone for Browns Hotels & Resorts. Wellness tourism has consistently outperformed the overall tourism industry for over a decade, reflecting a growing global interest in travel that goes beyond leisure to offer rejuvenation and holistic well-being. By integrating the timeless wisdom of Ayurveda with modern luxury, we aim to set a new standard in luxury wellness tourism in Sri Lanka. Whether your goal is prevention, healing, or a deeper connection to inner harmony, Ayugiri offers a sanctuary for holistic well-being” stated Eksath Wijeratne.
Ayugiri encapsulates the essence of life, inspired by the lotus flower held by the graceful queens of the infamous Sigiriya frescoes. Just as the lotus emerges from the murky depths, untainted and serene,
Ayugiri invites guests on a journey of purity and rejuvenation, harmonised with a balance of mind, body and spirit, the essence of nature, echoes of culture and the wisdom of ancient Ayurvedic healing.
HNB General Insurance, one of Sri Lanka’s leading general insurance providers, has been honored as the Best General Bancassurance Provider in Sri Lanka 2024 by the prestigious Global Banking and Finance Review – UK.
The esteemed accolade underscores HNB General Insurance’s unwavering commitment to excellence and its outstanding performance in the field of bancassurance. Through dedication and hard work, the HNB General Insurance team has continuously endeavored to deliver innovative insurance solutions, cultivate strong relationships with banking partners, and provide unparalleled service to customers nationwide. This recognition is a testament to the team’s dedication and relentless pursuit of excellence in the bancassurance business.
“We are honored to receive this prestigious award, which reflects our team’s tireless efforts and dedication to delivering value-added insurance solutions and exceptional service through our bancassurance partnerships,” said Sithumina Jayasundara, CEO of HNB General Insurance. “This recognition reaffirms our position as a trusted insurance provider in Sri Lanka and motivates us to continue striving for excellence in serving our customers and communities.”
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