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Acts & Ordinances PUBLIC FINANCIAL MANAGEMENT ACT Marginal Notes 1. Short title and date of operation 2. Objects of the Act 3. Application of the provisions of this Act 4. Powers, duties and functions of the Minister of Finance under this Act 5. Powers, duties, and functions of the Secretary to the Treasury 6. Delegation of powers, duties and functions of the Secretary to the Treasury 7. Powers, duties, and functions of the Chief Accounting Officer, &c. 8. Revenue Management Committee 9. Fiscal responsibility of the Government 10. Objectives underlying responsible fiscal management 11. Fiscal strategy statement 12. Medium-term fiscal framework 13. Debt reduction objective 14. Primary balance target 15. Primary expenditure of the Government 16. Deviation from the primary expenditure ceiling 17. Guarantee limit 18. Scope of the annual budget 19. Compliance with fiscal responsibility requirements 20. Annual budget document and its accompanying documents 21. Annual budget process 22. Responsibilities of the Minister of Finance and the Secretary to the Treasury in the annual budget process 23. Vote on Account 24. Virement procedure 25. Annual budget reserve 26. Supplementary Estimates 27. Excess Expenditure 28. Warrants 29. Expenditure control system 30. Expiry of annual budget and lapsed payment 31. Multi-year expenditure commitments 32. Procurement 33. Internal audit 34. Treasury cash flow management and treasury single account system 35. Opening and closing of bank accounts for the allocation of public finance 36. Use of information and communication technology 37. Foreign grants and Domestic grants made to the Government 38. Asset management 39. Powers of the Secretary to the Treasury on statutory funds 40. General principles of public investment management and Public Investment Committee 41. Public investment programme 42. Project selection and budgeting 43. Public-private partnership projects 44. Project monitoring and evaluation 45. Reporting 46. Public debt management 47. Financial reporting 48. Power to require information 49. Budget Economic and Fiscal Position Report 50. Mid-year fiscal position report 51. Final budget position report 52. Pre-election budgetary position report 53. Reports on financial performance of the Ministry of the Minister of Finance 54. Write offs and waive offs 55. Application of the provisions of this Part 56. Authority of the Minister of Finance on State-Owned Enterprises 57. Authority of the relevant Minister on State-Owned Enterprises 58. Powers and duties of the Secretary to the Treasury regarding StateOwned Enterprises 59. Budget of StateOwned Enterprises 60. Levy or dividends from State-Owned Enterprises 61. Reports of State Owned Enterprises 62. Duty to observe the principles of transparency and fiscal responsibility 63. Cadre management 64. Financial misconduct by public officers and governing body of a public entity 65. Report the noncompliance to the Cabinet of Ministers 66. Consistency with other laws 67. Regulations 68. Power to issue instructions or directives 69. Repeals 70. Interpretation 71. Sinhala text to prevail in the event of inconsistency