Govt. records nearly Rs. 500 b budget deficit in Q1

Friday, 9 May 2025 00:28 - - {{hitsCtrl.values.hits}}

The Government has registered a budget deficit of Rs. 498.28 billion in the first quarter of 2025, as per the Statement of Government Financial Performance presented to the Cabinet of Ministers on Wednesday. The total Government revenue during the first quarter stood at Rs. 1,064.66 billion.

This included Rs. 970.58 billion tax income, Rs. 87.26 billion non-tax income, Rs. 5.77 billion from capital income, and

Rs. 1.05 billion grants.

However, Government expenditure far exceeded the revenue during the first quarter. Total spending reached Rs. 1,562.94 billion, which includes Rs. 1,226.55 billion in recurrent expenditure and Rs. 336.39 billion in capital expenditure comprising public debt repayments.

As per Section 53 (1) of the Public Financial Management Act, No. 44 of 2024, the Minister in charge of Finance shall submit a statement of the financial performance of the Government, including revenue and expenditure, to the Cabinet not less than 45 days at the end of the quarter at least on a quarterly basis. According to the aforementioned provisions, the statement of financial performance for the quarter ending 31 March 2025 shall be submitted to the Cabinet on or before 15 May.

The financial statement was compiled based on classifications outlined in the 2025 Budget as presented by President Anura Kumara Disanayake in his capacity as the Finance, Planning and Economic Development Minister.

The report includes all specific expenditure units related to the first quarter, including cumulative income and expenditure reported by the special expenditure units, Ministries, Departments, and District Secretariats.