P’ment to debate changes to Fiscal Management (Responsibility) Act today

• Sittings restricted for one day this week due to COVID-19 situation
• Adjournment motion on prevailing situation in country scheduled for this afternoon 

A Bill to amend the Fiscal Management (Responsibility) Act No. 3 of 2003 which seeks to increase the guaranteed limit specified in the Act from 10 to 15 %, will be taken up for debate in Parliament today.

The Bill which also seeks to move the established debt-to-GDP target to 1 January 2030, from 1 January 2020, will be taken up for debate along with a Resolution under the Section 8 of the Appropriation Act and several regulations under the Imports & Exports (Control) Act No. 1 of 1969.

The Government Fiscal Management (Responsibility) Act No.3 of 2003 was passed with a view to introducing Government Fiscal Targets as a guide to be followed to ensure a more responsible Government fiscal management.

Parliament will meet only for one day this week due to the COVID-19 situation with an Adjournment Motion on the current situation in the country scheduled for debate in the afternoon.