Budget 2023 is most testing since Independence: State Minister of Finance

State Minister of Finance Ranjith Siyambalapitiya yesterday said the Appropriation Bill for 2023 is the most testing since Independence, as it has focused on to ease the burden on the people whilst protecting the economic independence.

As per the draft of the Appropriation Bill for 2023, the total expenditure estimated for 2023 is a staggering Rs. 7.8 trillion as against Rs. 6.1 trillion for 2022. Recurrent Expenditure has been estimated at Rs. 4.6 trillion, while total Capital Expenditure at Rs. 3.24 trillion. The gross borrowing requirement is estimated at Rs. 4.43 trillion. 

Noting that the Budget for 2023 will be presented to Parliament on 14 November, the State Minister of Finance said the total expenditure of the Government for the year 2023 has been estimated as Rs. 7,885 billion, an increase of Rs. 1,785 billion from the total expense of Rs. 6,100 billion that was allocated in 2022.

He also noted that Rs. 432 billion has been allocated to the health sector, Rs. 504 billion for education, and Rs. 367 for defence.

“The highest allocation of the Budget 2023 is Rs. 572 billion, which has been made for social security where 40 million or 60% of the total 6.8 million families have sought Government relief,” Siyambalapitiya highlighted. 

State Minister of Finance also said that they expect to improve the State income from 8.5% current level to at least 13%. 

“It is critical to boost the Government’s income by 65%, of which 90% is expected to be obtained via taxes,” he pointed out.