COPF approves Bill for Parliamentary Budget Office

The Committee on Public Finance (COPF) has approved the Bill for the Parliamentary Budget Office (PBO), pending an amendment to present the Budget of the PBO within 60 days.Dr. Harsha De Silva, Chairman of the Committee, said this legislation was long overdue and would add much-needed independence and transparency into analysing budgets.

The Committee looked at several key areas in the Bill and commented that the Budget Office only considers the economic cost and revenue generation in its analysis. There is no mandate to evaluate social impact.The Bill also recommends the establishment of an advisory committee consisting of the Chairs of the Public Finance and Ways and Means Committees as well as the Deputy Speaker of Parliament. This advisory committee will help the Secretary General of Parliament to shortlist candidates by the Constitutional Council for the Parliamentary Budget Office.

The Bill also grants party leaders to forward their own party economic manifestos to the office for independent analysis. This allows candidates to present their policies with greater transparency and accountability. (SI)