Lankapage Logo CP 19 YEARS
Go Home Home Serving the Sri Lankan community globally since 2000
go to

Leading News from Sri Lanka::

* Sri Lanka Budget for 2019 aims to increase government revenues to 17 percent of GDP by 2021
Thu, Jan 3, 2019, 11:56 pm SL Time, ColomboPage News Desk, Sri Lanka.

Jan 03, Colombo: The government will present its budget for the 2019 which was delayed due to the political upheaval in the country after October 26 last year, in parliament on March 5.

The Appropriation Bill for the year 2019 was presented in Parliament on the 09th of October 2018 and as President Maithripala Sirisena prorogued the Parliament on 27 October, just days before the presentation of the budget on 5 November, the approval of Parliament could not be obtained for the Bill.

In terms of the statutory provisions, a Vote on Account was presented in Parliament on the 21st of December, 2018 for covering the Government expenditure for the first four months of the year 2019 until the re-submission of a new Appropriation Bill and obtaining the approval for same and it was passed on the same day.

As such, a fresh Appropriation Bill incorporating the expenditure for the first four months of the year 2019 covered by the Vote on Account has to be presented in Parliament for approval.

The 2019 budget aims to strengthening the ongoing fiscal consolidation programs and to achieve several Medium Term Fiscal Targets by the year 2021.

The budget will present plans to increase Government revenue to exceed 17 percent of the Gross Domestic Production (GDP) by 2021 and limit government recurrent expenditure to 15 percent of the GDP.

The 2019 budget expects to maintain Government Public Investment at 5.5 percent of the GDP and limit Budget Deficit to 3.5 percent of the GDP while maintaining the outstanding Government debt below 70 percent of the GDP.

Accordingly, the proposal made by Minister of Finance & Mass Media Mangala Samaraweera prepare the National Budget 2019 with a view to achieve those targets, was approved by the Cabinet.


ColomboPage - Recent 10 Stories ::
Gotabaya Rajapaksa's petition against Special HC verdict to be considered in May
-- [1 hour and 55 minutes ago]
Sri Lanka's Oceanpick first in South Asia to earn BAP certification for offshore farming
-- [2 hours ago]
'Yowun Puraya' youth camp to commence tomorrow in Hambantota
-- [2 hours ago]
Sri Lanka's transitional justice processes will be firmly grounded in the Constitution and the domestic legal framework - FM
-- [3 hours ago]
State Minister makes a request to appoint a presidential commission on Wilpattu
-- [4 hours ago]
Present government has done the most to empower women - PM
-- [5 hours ago]
Pakistan to establish a world-class high-tech university in Sri Lanka
-- [5 hours ago]
SLTDA to issue renewal licenses for service providers in one day
-- [6 hours ago]
Water supply to parts of Sri Lanka capital will be disrupted tomorrow
-- [6 hours ago]
Navy recovers over 1200 kg of Beedi leaves floating in northwestern sea

Copyright © 2000, 2016 by (LLC) :
The news and other contents on ColomboPage are copyrighted property of, 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, LLC. However, news organizations or broadcasters in Sri Lanka may republish the news items in ColomboPage with proper acknowledgment to ColomboPage.