The Treasury Secretary has informed secretaries of all line ministries to implement all development proposals made by Budget 2017 for each ministry. These proposals in the budget which have already been passed by Parliament will be implemented through the relevant ministries and their affiliated institutions.
Certain budget proposals in the past were not implemented properly during the targeted period and thereby the country lost expected benefits. The prime objective of this program is to ensure the proper implementation of all the development projects proposed by Budget 2017 in time.
The Ministry of Finance has summarized in a report to all ministry secretaries about the projects coming under the purview of each ministry and, how such projects proposed by the budget are implemented. This report also includes details with regard to new laws to be introduced if necessary.
The report has further advised ministry secretaries to prepare an action plan and implement all the projects and proposals made by the budget within this year.
Budget 2017 has proposed 325 projects to be implemented and the National Budget Department has allocated funds for each ministry to implement them.
Treasury Secretary Dr. R.H.S. Samaratunga has informed ministry secretaries to prepare procurement plans and action plans with immediate effect and submit them to the Director General Budget Department to enable him to provide grants for each project.
Certain budget proposals were implemented from the very midnight the budget was presented to parliament and the responsibility of implementing the balance is left with the respective ministries and their regulatory bodies.
Relevant Acts and regulations introduced under a move to simplifytax system will be implemented from 01.04.2017.
New regulations with regard to leasing loans for vehicles will not be applied to transport service providers in the tourism sector.
They will enjoy 100% loan facilities to lease out vehicles. At the same time, university scholars who brought forward research details pointed out the need for a regulatory body with regard to three-wheelers. Budget 2017 which welcomed the argument put forward by university experts has proposed new regulations in leasing out three-wheelers.
Finance Minister Ravi Karunanayake proposed in Budget 2017 that loan to value ratio should be 25% for three-wheelers, 50% for motor cars and vans and 90% for lorries and buses.
The Central Bank of Sri Lanka has advised commercial banks and leasing companies to follow the new regulations in granting loans for vehicle leasing including three-wheelers.
Currently, loans can be borrowed after paying 10% of the total value of a three wheeler which a borrower hopes to buy. Under the new leasing regulations, the leasing facility offered will be 25% of the value of a three-wheeler. Proposed traffic laws and spot fines are due to be revised in soon and the Finance Ministry believes that the new regulations imposed on loans will make an impact on leasing out of three-wheelers. Over 300 projects have been proposed to be implemented this year.
Treasury Secretary Dr. R.H.S. Samaratunga has informed all ministry secretaries to set up task force to assess the performance of each project and inform the outcome monthly to the Treasury.
Source: Ministry of Finance