Sri Lanka begins budget process for 2019 in parliament
ECONOMYNEXT – Sri Lanka has presented an Appropriations Bill, detailing the allocations of funds for ministries and setting borrowing limits on February 05. This kicks off the budget process for 2019, which was delayed following a constitutional crisis triggered by President Maithripala Sirisena.
The appropriation bill is the ‘first reading’ of the budget. The budget for 2019, with revenue proposals, is expected to be presented on March 05.
Sri Lanka usually presents the budget in November, but a so-called coup triggered by President Maithripala delayed the budget process.
The Defence Ministry had been allocated 393 billion rupees, Health and Nutrition 187 billion rupees, Highways and Road Development 176 billion rupees and City Planning and Water Supply 127 billion rupees.
Interest payments are estimated at 635 billion rupees for domestic debt and 265 billion rupees for foreign debt.
Debt repayments are estimated at 1300 billion rupees, made up of 635 billion rupees for domestic debt and 665 billion rupees for foreign debt.
Revenues are estimated at 2,390 billion rupees. (Colombo/Feb05/2019 – SB).