Feb 05, Colombo: Minister of Finance and Mass Media Mangala Samaraweera will present the Appropriation Bill outlining the government's expenditure for the year 2019 in Parliament today.
The Appropriation Bill was approved by the Cabinet recently. Accordingly, the budget proposals will be presented in parliament on March 5.
The Appropriation Bill estimates 4.55 trillion rupees (approximately US$ 25 billion) as expenditure for its services for the financial year of 2019 while the state revenues for 2019 is expected to be Rs. 2.39 trillion. The highest amount of Rs. 393 billion has been allocated for the Ministry of Defense.
The 2019 budget proposal will be presented in Parliament (second reading) on 5th March. The third reading debate will be held on March 13 while final vote would be taken up on April 04.
Meanwhile, the first debate on the budget is also expected to take place during today's parliamentary session which is scheduled to commence at 1 pm.
According to the Ministry of Finance, the main expectation of the 2019 appropriation Bill expects to raise government income to 17 percent of GDP while the government expects to present the 2019 budget as a performance-based budget.