INSUBCONTINENT EXCLUSIVE:
The Committee on Public Finance (COPF) has given its approval for the Bill for the establishment of Parliamentary Budget Office, pending one
amendment.During the meeting chaired by MP Dr
Harsha de Silva, the COPF noted that this legislation was long overdue and would inject some much-needed independence in the analysis
process.The committee scrutinized key areas of the Bill and paid special attention to:• The scope of the budget office with regards to
evaluations done on economic cost and revenue generation only
There is no mandate to evaluate social impact.• The selection process through an advisory committee consisting of the Chairs of the Public
Finance and Ways - Means Committees and the Deputy Speaker of Parliament
This advisory committee will help the Secretary General of Parliament shortlist candidates for selection by the Constitutional Council for
the Parliamentary Budget Office.• The ability of the Budget Office to stay consistent with the National Physical plan and disseminate
information in strict compliance with the Act that ensures that no sensitive data of compromising nature would be shared.Further, the COPF
says a new provision grants the ability for leaders of recognized political parties to forward their own party economic manifestos to the
office for an independent analysis
This enables greater transparency and accountability by aspiring candidates who will have to have a scientific methodology for their
manifesto provisions.The chairman pointed out that the Parliamentary Budget Office is an independent entity enshrined by the legislature to
analyze what has been proposed using alternative methodologies to see what the financial impact on the forecasts is.The Bill was approved
pending one amendment to present the budget of the Parliamentary Budget Office within 60 days.
