Oct 09, Colombo: 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 and gazetted 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.
The Government estimates a revenue of Rs. 2.175 trillion from foreign grants while another Rs. 1.813 trillion is to be financed through loans obtained from both foreign and domestic sources.
The Appropriation Bill made the highest allocation for Ministry of Defense with Rs. 260.7 billion as recurrent expenditure and Rs. 30 billion as capital expenditure.
The second highest allocation is to the Ministry of Finance and Mass Media with the Recurrent Expenditure of Rs 196.5 billion and Capital Expenditure Rs 37 billion.
The Finance Minister Mangala Samaraweera will present the 2018 Budget during the second reading of the Appropriation Bill on November 9th.
The second reading of the 2018 Budget will be held on November 10th, 11th, 13th, 14th and 15th while the Committee stage debate will be from November 16th with the vote on the third reading of budget fixed for December 9th.
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.
The Ministry of Finance and Mass Media announced that public views and proposals for 2018 budget will be accepted until October 18.