The Parliamentary Committee on Public Finance (COPF), chaired by Dr. Harsha de Silva, has officially approved the Appropriation Bill for the financial year 2027, clearing the way for its presentation to Parliament.
The budget estimates, encompassing the management of public revenue, expenditure and critical development projects, were finalized during a meeting held on October 22 with senior officials from the Ministry of Finance, Planning and Economic Development.
Finance Ministry officials provided detailed presentations covering the 2027 government expenditure estimates, capital allocation targets, public revenue projections and debt servicing obligations.
A substantial portion of the deliberations focused on capital expenditure allocations for 2027, specifically prioritizing major infrastructure projects. These include nationwide road development, significant improvements to healthcare and educational facilities, expansion of the national electricity grid, and urban development initiatives.
The Committee also scrutinized macroeconomic forecasts, public financial management frameworks, public sector salaries and pensions and expenditure to meet essential public service needs.
Beyond infrastructure, discussions covered financial assistance strategies for small and medium-sized enterprises (SMEs), credit guarantee schemes, and broader business sector support.
Additionally, officials briefed the Committee on foreign debt servicing requirements for 2027, projected foreign financing inflows, and comprehensive public debt management.
Key revenue targets, measures to enhance tax administration efficiency, and strategies to ensure the prudent utilization of all budgetary allocations were also major points of discussion.
The high level meeting saw participation from Deputy Minister Nishantha Jayaweera, Dr. Kaushalya Ariyarathne and notable Members of Parliament including Ravi Karunanayake, Harshana Rajakaruna, Ajith Agalakada, Nimal Palihena, Wijesiri Basnayake, Thilina Samarakoon and Attorneys-at-Law Chithral Fernando and Lakmali Hemachandra. (Newswire)