Mangala to present Sri Lanka’s 72nd Budget today

Thursday, 9 November 2017 00:05 - - {{hitsCtrl.values.hits}}

By Ashwin Hemmathagama

The 72nd Budget of independent Sri Lanka will be moved in Parliament this afternoon.

It will also be the fourth Budget of the Unity Government elected on 8 January 2015. The Minister of Finance and Mass Media Mangala Samaraweera will deliver the traditional Budget Speech in the presence of all lawmakers. The Finance Minister’s speech, also known as the Second Reading, will commence the long process to debate and pass allocations for all state establishments and to drive the nation towards establishing a strong economy capable of creating one million jobs.

The Appropriation Bill to provide for the service of financial year 2018 was presented in Parliament on 9 October 2017 by State Minister of Finance Eran Wickramaratne seeking House approval to raise and spend Rs. 3.982 trillion in 2018 to meet the capital as well as recurrent expenses of the Government. However, according to Government estimates, state coffers will receive Rs. 2.175 trillion, inclusive of donations and grants. The highest allocation of Rs. 290.7 billion is for the Ministry of Defence and the lowest of Rs. 105 million is to the Ministry of Special Assignments.

The Appropriation Bill 2018, gazetted on 18 September 2017 to provide for the service of financial year 2018, seeks passage to authorise the raising of loans within or outside Sri Lanka, for the purpose of such service; to make financial provision in respect of certain activities of the Government during that financial year; to enable the payment by way of advances out of the Consolidated Fund or any other fund or moneys, of or at the disposal of the Government, of moneys required during that financial year for expenditure on such activities; to provide for the refund of such moneys to the Consolidated Fund and to make provision for matters connected therewith.

The debate on the Second Reading of the Budget will commence following the Minister’s speech, which is scheduled for tomorrow and will continue for five days. The committee stage process will commence on 16 November and will continue until 8 December 2017. The third and final Reading Division of Budget 2018 will begin on Saturday, 9 December.