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Wednesday October 20th, 2021
Economy

Sri Lanka cabinet clears Appropriation Bill for 2022 outlining budget allocations

ECONOMYNEXT – Sri Lanka’s cabinet of ministers had cleared the draft of an Appropriation Bill, for publication in the government gazette, the state information office said.

Submitting the Appropriation Bill to parliament is the first stage of preparing a budget for the 2022 financial year.

The bill sets out allocations for each ministry and also borrowing limits.

The revenue estimated and proposals to bridge the deficit is presented during the budget speech.

The budget is usually presented to parliament in November usually in the second week.

Finance Minister Basil Rajapaksa has said expenditure controls and hiring freeze will be in place. (Colombo/Sept27/2021)

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