Vote-on-Account, nothing new -Minister

The ‘Vote-on-account’ instead of a budget would enable the government to present a more comprehensive budget after holding the general elections next year.

Economists say, that this is a step taken in the right direction. They also point out that this is not the first time in the world or for that matter in Sri Lanka that a ‘vote-on-account’ instead of a budget had been put in place.

Making a special statement in the parliament Minister Nimal Siripala De Silva emphasized that that there is no truth in the charges made by the Opposition that the government could not grant relief to the masses due to the international pressure.

The minister explained that it is not appropriate for the present parliament to present a budget for next year when a general election is anticipated before April.

“The vote-on-account will give the new parliament the opportunity to present a new budget based on the requirements,” the Minister added.

Minister of Power, Mahindananda Aluthgamage said that the United National Party on several occasions had presented ‘vote-on-account’ instead of a budget. He also said that Sri Lanka Government’s vote-on-account is not due to international pressure.

“The issue is not the ‘vote-on-account’ but the Opposition has no ammunition to go to the public to criticize the government,” he said.

The Minister reminded that the UNP said the LTTE could not be defeated and now the government has proved them wrong. “Similarly they said that the economy is on a downturn and no development is taking place when the stock market has the created history,” he claimed.

Development projects which were only confined to paper for several years such as Kotmale and Norochchole power plants have got off the ground while Expressways (Colombo-Matara) never even heard of during the UNP regime are to be completed next year,” he added.

Hambantota development programme was planned 15 years ago and a separate Authority too was formed under the UNP government but with no avail.

Commenting on the IDP camps he said that the inmates consume luxury food. Five CWE shops have been established in IDP camps and cheese and coca-cola are the most demanding commodities in those shops.

He said luxury items such as Sprite and biscuits are sold in plenty in such shops. The day’s turnover in these shops is over Rs.500, 000 and said it showed that people in IDP camps spend a lot of money for their food, the Minister pointed out.

Meanwhile, last Friday Fitch Ratings has revised the Outlook on Sri Lanka’s Long-term foreign and local currency Issuer Default Ratings (IDRs) to Stable from Negative. At the same time, the agency has affirmed the Long-term foreign and local currency IDRs and the Country Ceiling at ‘B+’, and the Short-term IDR at ‘B’.

Fitch said it believes there is real opportunity for economic renewal as part of the post-war transformation of Sri Lanka.