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Saturday, 24 October 2015 00:10 - - {{hitsCtrl.values.hits}}
By Ashwin Hemmathagama Our Lobby Correspondent
Seeking Parliamentary approval to allocate Rs. 1.941 trillion to support State expenditure for the next year, the Government yesterday tabled Appropriation Bill 2016, estimating an increase of 7.12% in both recurrent and capital expenditure, compared with Rs. 1.812 trillion allocated for 2015.
Appropriation Bill will allow the Government to borrow Rs. 1.349 trillion to shoulder increased expenses and to control a widening budget deficit of Rs. 521 billion estimated in January 2015.
The bill’s top beneficiary is the Ministry of Defence, which will receive Rs. 306.6 billion.
The Appropriation Bill will enable services for the 2016 financial year; 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 or incidental thereto.
The Appropriation Bill (First Reading) for 2016 was tabled in Parliament by the Leader of the House Lakshman Kiriella. The proposed parliamentary program for the annual budget started yesterday. Twelve days have been allocated for the second reading of the Budget from 21 November to 5 December while another 12 days have been allocated for the Committee Stage debate of the Appropriation Bill. The final vote on the Budget will be taken on 19 December, two days earlier than previous scheduled.
The amended program is as follows:
(i)Presentation of the Appropriation Bill 2016 (First Reading) – 23 October
(ii) Budget Speech (Second Reading of the Appropriation Bill) – 20 November
(iii) Second Reading debate (12 allotted days from 21 November)
(iv)Second Reading Division – 5 December 2015, earlier it had been scheduled for 8 December
(v) Committee Stage Debate (12 allotted days from 7 December)
(vi)Third Reading Division – 19 December; earlier it was proposed to take place on 22 December
