State Minister of Finance Eran Wickramaratne on Monday will present the Appropriation Bill outlining allocations to be made for each ministry for year 2018 to parliament for its First Reading, the Finance Ministry said.
According to the Appropriation Bill presented by the Minister of Finance and Mass Media Mangala Samaraweera to the Cabinet of Ministers last month, the expected expenditure for the year 2018 is Rs. 3.982 billion, 10.5 percent more than this year’s estimate. While recurrent expenditure is estimated at Rs. 1.309 trillion, the government has allocated Rs. 668 billion for capital expenditure.
Total government revenue is estimated at Rs. 2.175 trillion. The government plans to borrow Rs. 1.813 trillion.
Minister Samaraweera is expected to deliver the budget speech in parliament on the 9th of November 2017 for the Second Reading Debate of the Appropriation Bill.
The Finance Ministry says it is necessary to create a rich country with a strong economy to provide better living standards to people and the Finance Minister Mangala Samaraweera will present the budget proposals needed to prepare the government’s policies according to the people’s expectations.