Sept 27, Colombo: The Sri Lankan government is to present its US$ 19.5 billion budget for 2013 in parliament on November 8th this year.

The Cabinet has approved the Appropriation Bill 2013 at the Cabinet meeting held Wednesday, the Government Media Unit said today.

The President as Minister of Finance and planning has submitted the 2013 Appropriation Bill with the estimated government expenditure for 2013 of 2.52 trillion rupees to the Cabinet.

The first reading of the Appropriation Bill will take place on October 09 while the Budget proposal (second reading) will be presented in November 08, after publishing it in the government gazette.

The President and the General Treasury had consulted each line Ministry and other stakeholders in the preparation of the Appropriation Bill in order to formulate a realistic budget.

"Emphasis has been given for the priorities identified under the Medium Term Expenditure Framework 2013-2015 and for the completion of development activities which have already been commenced and are ongoing," the Government Media Unit said.

The government targets to maintain an economic growth rate of 7% while containing the annual inflation rate under 7%.