Sri Lanka starts first steps in budget for 2016
ECONOMYNEXT – Sri Lanka has outlined initial spending in a budget for 2016 at 1,941 billion rupees, made up of 1,314 million in current spending and 626 billion rupees, according to estimates in a draft appropriation bill approved by the cabinet minister.
Revenue has been estimated at 1,789 billion rupees, indicating a gap of 152 billion rupees.
Loan repayments and Widows and Orphans Pensions and other items total another 1,191 billion rupees. Loan repayments, (except interest) however are not spending but a roll-over of debt.
The total borrowing requirement for 2016 including roll-overs is set at 1,349 billion rupees.
Cabinet of minister approved a proposal by Finance Minister Ravi Karunanayake to table the appropriation bill for 2016 in parliament on October 23, government spokesman Health Minister Rajitha Senaratne said.
Presenting the ‘Appropriation Bill’ with spending estimates in parliament is the first step in a budget process known as the first reading.
The numbers in the Appropriation Bill do not correspondent with the economic presentation in the budget speech of the finance minister known as the ‘second reading’ of the bill.
In an amended budget for 2015 presented in January 2015, total spending was estimated at 2,121 billion rupees with recurrent spending at 1,611 billion rupees and capital spending at 520 billion rupees.
The deficit for 2015 was estimated at 499 billion rupees, which is expected to be missed. (Colombo/Oct09/2015 – Updated/Corrected)