Audit Act No. 19 of 2018 and Fiscal Management (Responsibility) Act No. 3 of 2003

Sri Lanka's fiscal framework rests on three interlocking statutes: the Fiscal Management (Responsibility) Act No. 3 of 2003 (FMRA), which establishes medium-term fiscal rules and mandates a pre-budget Fiscal Management Report with GDP-anchored targets; the Public Debt Management Act No. 30 of 2018, which formalizes sovereign debt management and requires an Annual Debt Management Report; and the Audit Act No. 19 of 2018, which replaced the 1971 Act and established the National Audit Office of Sri Lanka (NAOSL) under an Auditor General appointed by the multi-party Constitutional Council — the strongest auditor-independence mechanism in the South Asia subgroup. Constitution Arts. 148-155 vest full parliamentary control over public finance. Procurement operates under administrative guidelines (2006), not statute — Sri Lanka lacks a standalone Procurement Act. The National Procurement Commission (NPC), established constitutionally under the 19th Amendment (2015), provides independent oversight above thresholds but the implementing National Procurement Authority Bill remains pending. The RTI Act No. 12 of 2016 supports proactive fiscal disclosure. Sri Lanka's score is constrained by absent institutional infrastructure: no independent fiscal council or parliamentary budget office, no confirmed whistleblower statute, no year-end report statutory deadline — gaps pronounced given the severity of the 2022 sovereign default and the IMF EFF (March 2023) conditionality program. An IMF FTE was published in 2017 (CR number unconfirmed; imf.org 403-blocked during batch). One non-public PEFA assessment (2013 national). FY: January 1 - December 31. Currency: LKR.

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