Sept 13, Colombo: The Sri Lankan government has estimated 3.982 trillion rupees (US$ 26 billion) as expenditure for its services for the financial year of 2018.
It was revealed at the cabinet meeting on Tuesday that the government plans to increase its overall borrowing by 16 percent in 2018 to over 1.8 trillion rupees (approximately $12 billion).
According to the Appropriation Bill for year 2018 to be presented to the parliament in November, the total expenditure of the government will be Rs. 3.982 trillion, 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.
While Total income on foreign grants will be Rs. 2.175 trillion, the government plans to borrow Rs. 1.813 trillion.
The Cabinet of Ministers have approved the proposal made by the Finance and Mass Media Minister Mangala Samaraweera, to publish the Appropriation bill for year 2018 in gazette and present in parliament.