Measures taken to infuse sound public finance management of State-Owned Enterprises (SOEs) have begun to pay dividends, said Secretary to the Treasury and the Ministry of Finance, Mahinda Siriwardana.
He was delivering the keynote speech at the launch of the Master of Public Finance Management (MPFM) Degree program 2025/26 by CA Sri Lanka and the Association of Public Finance Accountants of Sri Lanka (APFASL) at the CA Sri Lanka auditorium recently.
Losses of SOEs have been slashed by a sizeable amount, he said.
Siriwardana said 52 SOEs were monitored last year which were making around Rs. 740 billion losses that have now been turned around to make profits of around Rs. 450 billion, and that overdrafts of the two state banks have been turned around to cash surpluses last year.
“When we assumed office at the Treasury there were around Rs. 850 billion in overdrafts that were turned around to cash surpluses and that was how public finance was managed,” Siriwardana said, adding that a new Public Finance Management Act has been enacted for responsible public finance management. In the past we couldn’t get the maximum outcome of finance management rules which were not binding.
“Through the Central Bank Act there has been no deficit financing of the Budget by a single cent since September 2023,” Siriwardana said.
He said the Public Finance Management qualification offered by CA Sri Lanka with APFASL is critical for management of public finance in Sri Lanka.
The country what it is today because of poor policy decisions taken in the past reverting to ill-thought fiscal management decisions and technically succumbing to monetary stimulus measures.
The MPFM degree program was launched in 2023 to enhance public finance management education in the country. Around 50 graduates are enrolled each year for the program having minimum three years of experience in accounting and audit services in the country.
Approved by the Ministry of Higher Education and ranked at Sri Lanka Qualifications Framework Level 9 the MPFM degree is designed for public sector finance professionals. The program covers fiscal policy, budgeting and financial planning which are essential for effective public finance management.
Vice President of CA Sri Lanka, Tishan Subasinghe said, “The program marks a milestone in strengthening the professional and capacity of Sri Lanka’s public finance management framework and is a testament to the commitment of APFASL and CA Sri Lanka to development through knowledge and leadership.”
