To educate MPs about current fiscal state of country

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The Committee on Public Finance (COPF) has decided to conduct a series of programmes to educate MPs about the current economic crisis.

This decision was taken when COPF met in Parliament on Tuesday (6) under the chairmanship of
Dr. Harsha De Silva.

Meanwhile,  COPF members were briefed on the ‘Mid-Year Fiscal Position Report -2022’ which was tabled in Parliament on 27 July, with a presentation by officials including the Secretary of the Ministry of Finance and the Treasury, Mahinda Siriwardena. Due to the various facts explained during this briefing, it was suggested to educate all MPs about the current economic crisis.

Dr. Harsha de Silva pointed out that the interest rate may increase with the  inflation rise. Therefore, he said that as the first programme, he proposes to educate all MPs the co-relation between inflation and interest rate.

Also, there was a lengthy discussion about the decrease in government revenue due to the reduction of tax percentages in the latter half of 2019.

The impact of the Covid pandemic on the reduction of government revenue  and measures taken to increase State revenue by 2022 were also discussed.

Minister Vidura Wickramanayake, MPs Anura Priyadarshana Yapa, Duminda Dissanayake, Dr. Seetha Arambepola, M.A Sumanthiran, Harshana Rajakaruna, Anupa Pascual and Ranjith Bandara were present.