Harsha de Silva Calls for Parliamentary Approval of ‘Rebuilding Sri Lanka’ Fund

Chairman of the Committee on Public Finance, Parliamentarian Dr. Harsha de Silva, has reiterated that the proposed ‘Rebuilding Sri Lanka’ Fund must be formally approved by Parliament and established as a statutory fund.

Speaking on the matter, Dr. de Silva emphasized that any such fund requires a proper legal framework and cannot be created informally. He pointed out that similar initiatives in the past lacked parliamentary approval and said the same approach should not be repeated. According to him, the ‘Rebuilding Sri Lanka’ Fund should be brought before Parliament and approved without delay.

He further stressed the importance of transparency in managing the fund, noting that the responsibility of rebuilding should not rest solely with the government. Dr. de Silva said there is room for meaningful participation from the private sector, with the government focusing on areas that cannot be addressed privately.Meanwhile, the MP said a supplementary estimate of Rs. 500 billion should be presented to Parliament to support recovery efforts, adding that the government has adequate financial resources to meet this requirement.

Dr. de Silva explained that Rs. 1,400 billion has already been allocated for capital expenditure next year, including infrastructure projects such as roads and hospitals. He noted that funds could be reallocated from these provisions due to the damage caused by the recent cyclone, arguing that new sources of funding may not be necessary. However, he said additional expenditure would be required for immediate needs such as cleaning and rehabilitation activities, which he described as manageable.He also observed that while the IMF programme places a cap on primary expenditure at 13 percent, the current crisis allows for some flexibility. In addition, he noted that the government holds more than one trillion rupees within the banking system, providing further financial space to respond to the situation.