Lankapage Logo Recent Top Stories
CP 13 YEARS
Go Home Home Serving the Sri Lankan community globally since 2000
go to LankaPage.com

Leading News from Sri Lanka::

* Sri Lanka President to present the 2013 budget in the parliament today
Thu, Nov 8, 2012, 11:24 am SL Time, ColomboPage News Desk, Sri Lanka.

Nov 08, Colombo: Sri Lankan President Mahinda Rajapaksa in his capacity as the Minister of Finance will present the budget for the year 2013 today in the parliament.

The Cabinet of Ministers in September approved the 2013 Appropriation Bill with the estimated government expenditure of 2.52 trillion rupees (US$ 19.5 billion).

The Appropriation Bill will be presented to the parliament this afternoon for the second reading after publishing it in the government gazette .The first reading took place on October 09 after it was presented to the parliament for debate by the Leader of the House Minister Nimal Siripala de Silva.

The second reading on the Appropriation Bill will commence on Friday 09 and continue till November 17 (seven allotted days). The vote on second reading will take place on November 17 at 6.00 p.m.

The committee stage debate will begin on November 19 and continue until December 8 in 16 allotted days including Saturdays. The final vote on the budget (third Reading) will take place on December 8.

The 2013 Appropriation Bill presented to the parliament to authorize the expenditure required during the 2013 financial year forecasts a 13.5 percent increase in spending from this year's estimate of 2.22 trillion rupees to 2.52 trillion rupees for next year.

A major chunk of the budget is allocated for the Defence and Urban Development Ministry with 289.5 billion rupees. The amount is an increase of nearly Rs. 60 billion from last year's allocations of 229.9 billion rupees. The government has considerably increased spending on urban development which comes under the Defense Ministry.

Allocations to the Education Ministry have been increased by 3.43 billion rupees from last year to 37.9 billion rupees while the Higher Education Ministry has been allocated 27.9 billion rupees, which is an increase of 4.1 billion rupees from 2012.

The total maximum borrowing for 2013 has been increased by 12.6 percent from 2012 to 1.3 trillion rupees.

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.

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



ColomboPage - Recent 10 Stories
Telephone calls from the Presidential Secretariat on the day of rugby player's death erased, court told
-- [6 hours ago]
Indian Economic Zone will not be in Trincomalee Harbor area, Prime Minister assures
-- [7 hours ago]
Sri Lanka to strengthen the Secretariat for Coordinating Reconciliation Mechanisms
-- [7 hours ago]
India to provide Sri Lanka Rs 300 million for development activities in Hambantota District
-- [8 hours ago]
India to provide Sri Lanka Rs 300 million for development activities in Hambantota District
-- [8 hours ago]
Colombo Port's Jaya terminal docks four large ships at the same time
-- [8 hours ago]
Sri Lanka supports convening conference in 2017 to negotiate a legally - binding instrument to prohibit nuclear weapons
-- [9 hours ago]
Australian company investigated over alleged bribery scandal linked to Sri Lanka
Sri Lanka, Indonesia agree to cooperate in the field of election management
No Sri Lankan nationals affected by Italy earthquake

Copyright © 2000, 2012 by LankaPage.com (LLC) :
The news and other contents on ColomboPage are copyrighted property of LankaPage.com, LLC. Any unauthorized use of any information on ColomboPage may constitute a violation of copyright laws. You need written permission to reproduce, republish, post, transmit, broadcast or distribute, material from this site from LankaPage.com, LLC. However, news organizations or broadcasters in Sri Lanka may republish the news items in ColomboPage with proper acknowledgment to ColomboPage.