Nov 09, Colombo: The new Finance Minister of Sri Lanka Mangala Samaraweera will present his first budget proposals for the next year in parliament today. This is the third budget of the national unity government.
The Minister of Finance and Mass Media Mangala Samaraweera will present the Budget Speech when the Parliament convenes at 3:00 p.m. today.
The Minister was seen finalizing the contents of the 2018 Budget with the Secretary to the Ministry of Finance & Mass Media Dr. R.H.S. Samaratunga, at the Ministers' residence yesterday.
The Appropriation Bill containing the total expenditure for the year 2018 was presented to the Parliament on October 9th.
Even before the budget for next year is presented, the government yesterday reduced the import levies of several essential food items with effect from midnight Wednesday.
According to the Appropriation Bill presented by the Minister of Finance, 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.
The budget presented for the year 2018 will focus on providing relief to the general public, as well to all the sectors.
Following the Minister's speech today, the second reading debate of the 2018 Appropriation Bill is scheduled to be held in Parliament for six days on 10, 11,13,14,15 and 16 November. A division will be taken on the 16th.
Committee stage debate will commence from 17th November and will continue until the third and final reading division is taken in parliament on 9th December.