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The Consolidated Fund, And Everything You Need To Know About It

With Sri Lanka’s Parliament dissolved, there is a debate raging on the legality of drawing funds from the Consolidated Fund to pay for key public expenses. Chapter XVII of Sri Lanka’s Constitution specifies that Parliament must oversee Sri Lanka’s public finances. However, the extraordinary situation Sri Lanka found itself in when it was forced to postpone scheduled Parliamentary elections to deal with the unexpected COVID19 pandemic has resulted in the Consolidated Fund being used without constitutionally mandated Parliamentary oversight. While the debate remains unresolved, we thought we’ll write a quick explainer on what the Consolidated Fund is.


COVID-19 Economy And Public Finances: An Interview With Dr P. B. Jayasundera

There is perhaps no one who knows Sri Lanka’s economy as well as Dr P. B. Jayasundera. An economist by profession, Jayasundera began his career at the Central Bank of Sri Lanka in 1974. After being seconded to the Ministry of Finance in 1990, he rose through the ranks to serve as Secretary to the Treasury under two former presidents — Chandrika Bandaranaike Kumaratunga and Mahinda Rajapakse. Today, he serves as Secretary to the President, appointed to the post following the 2019 Presidential Election.


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