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| Sunday, 10 March 2002 |
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| News Business Features Editorial
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CCC proposes framework for Budget The Ceylon Chamber of Commerce (CCC) has proposed a framework and format for presenting the national budget. The objective is to make the Budget more comprehensive, transparent and accountable. The framework aims to set out a guide to prepare concrete quantifiable budget proposals with supportive action plans. The CCC believes that the Budget should be a statement of action and not a mere policy statement. CCC Chairman, Chandra Jayaratne has written to the Minister of Finance K.N. Choksy to consider and address the recommendations in the forthcoming Budget. According to the recommended framework, the budget speech should include the macro economic framework, fiscal policy objectives, rationale behind the objectives, key assumptions made in compiling the budget and the impact of these assumptions. Further it says that the budget should provide information on the previous year's Budget and corresponding actual figures. If the Budget is delayed the actual figures for the relevant period and the forecast for the balance part of the year should be given. The CCC also requests that information on cash-based commitments made in the previous year which are due for payments in the current year be provided clearly in the forecasts as it has a significant effect on the economy. The Budget should also provide information on targeted amounts needed to be borrowed each month by the government in meeting cash flow and debt repayment commitments. The maturity profile of the existing debt stock should also be given, recommends the CCC. Changes made to classifications should also be clearly stated, while financial commitments and the progress made in relation to thrust sectors of the economy, major infrastructure projects and economic zones should be specified. A commentary on the contingency liabilities of the government including unfunded pension liabilities should also be provided. The CCC also recommends making available the latest key economic data or statistics through the Internet on a quarterly basis and a mid-year review including a comprehensive update on the implementation of the Budget as well as the updated forecast of the Budget outcome for the current fiscal year and the two following fiscal years. It is recommended that this information be released six weeks before the mid-year. The CCC also recommends the inclusion of tables on the five-year rolling macro-economic framework, Budget for the current fiscal year and specific policy actions committed preferably with a time frame in the Budget. |
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