Cabinet approves Appropriation Bill; budget deficit 4.8-pct of GDP

Jan 08, 2019 (LBO) – Sri Lanka's Finance Ministry said the approval of the cabinet was granted to the Appropriation Bill 2019, submitted by the Finance Minister, Mangala Samaraweera. Accordingly, this year’s state expenditure will be 4,470 billion rupees and the budget deficit will be 4.
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8 percent of the GDP. The State revenue which was 11.5 percent of the GDP in the year 2014 was gradually increased in 2015 and, it is expected to be increased to 15 percent of the GDP this year. Budget has been prepared under the Medium Term Fiscal Framework by adopting the performance-based budgeting approach with the aim of strengthening the on-going fiscal consolidation programs. The government is also aiming to achieve the target of increasing the state revenue to 17 percent and limiting the recurrent expenditure to 15 percent of the GDP in the year 2021. 2,200 billion rupees have been allocated for debt servicing in 2019. The recurrent expenditure includes 1,425 billion rupees while the capital expenditure will cost 838 billion rupees. The Appropriation Bill will be presented in the Parliament on February 5th and the budget proposal will be presented by the Finance Minister Mangala Samaraweera on 5th March.