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Sri Lanka seeks parliament nod for Sept-Dec 2020 vote-on-account

ECONOMYNEXT – Sri Lanka has submitted a draft vote-on-account or mini budget to parliament seeking approval to spend 949.76 billion rupees for the four months from August to December 2020.

The mini-budget involves current spending of 613.45 billion rupees and capital spending of 336.3 billion rupees.

The motion also sought approval for earlier allocations made under section 150 of the constitution.

The Finance Ministry had earlier prepared mini-budgets under presidential powers after parliament was dissolved in March and elections were delayed over Covid-19.

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Sri Lanka’s Finance Ministry had indicated that the full year deficit would be in the region of 1,341 billion rupees.

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The Treasury operations department, which involves debt roll-overs and funding, sought 356.5 billion for current spending and 421.7 billion rupees in capital.

Under Treasury bills ordinance permission was sought for 750 billion rupees.

The motion sought approval to borrow 1,300 billion rupees in domestic and foreign borrowings for the year.

President Gotabaya Rajapaksa’s Sri Lanka Podujana Peramuna has an overwhelming majority in the newly elected parliament. (Colombo/Aug23/2020)

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