Business Times

Budget 2010 ready for debate in Parliament in June

By Bandula Sirimanna

The Budget 2010 to be presented in Parliament in June will include recurrent expenditure, capital expenditure and advance accounts for the period of July to December as well as the expenses of the public service and settlement of bills and loans being spent under the Vote-on-Account and the withdrawal of money from the consolidation fund.

The budget debate and the debate on the vote of separate ministries will be conducted in parliament after the presentation of the budget in June without any deviation from normal procedure, official sources said.

A senior Finance Ministry official said that the General Treasury has made arrangements to withdraw Rs.440 billion from the Consolidated Fund to meet the expenses of the public service for the period of April 22 and July 22. A sum of Rs. 362 billion appropriated by previous parliament for four months from January to April 2010 has already been spent. One third of the funds already approved by Parliament as supplementary estimates during the current financial year had been included on the Vote-on-Account, he said. He expressed the belief that the budget deficit target of 7.5 percent of GDP could be achieved as the expenditure would be similar to last year.

UNP MP Wijeyadasa Rajapakse, told the Business Times that the whole procedure is against the Fiscal Management Responsibility law, which is in effect from 2003. He added that there was no legal provision for the President to allocate funds from the Consoidated Fund. He added that the President could only allocate money from the Consolidated Fund when an Appropriation Bill had been presented, and Parliament stood dissolved.

Parliamentary control of finance is a very important function. This will not happen when you have abstract amounts of money allocated to different ministries in this manner. New projects cannot be funded even under the 6-month budget. But under the present circumstances the government would even pass money for such ventures, he said.

Top to the page  |  E-mail  |  views[1]
SocialTwist Tell-a-Friend
Other Business Times Articles
Controversial Chillies Ad awards cancelled
Lankan public says present full budget
Fury over Kotelawala re-election bid at Ceylinco Insurance
Worldwide grocers alliance chief visits Cargills
Budget 2010 ready for debate in Parliament in June
Foreign Accounts for sportsmen, writers, hairdressers
International retail expert visits Sri Lanka
End of conflict: A year later
PIGS: the Achilles heel of the EU
Let’s not kill the Angels while the banks sleep -- Intelligent Investor
Central Bank begins bailout of troubled finance companies
Sri Lankan delegation to EU for GSP+ negotiations
Seafood exporters appeal for GSP+
Brandix Lanka opens 1000-acre apparel park in India
Accolades for Hiran, new PATA Chairperson
Triad to sue Chillies Committee for Rs.100 mln
Unilever sponsors Asia Pacific Dental Congress in Colombo
Malaysian businesses keen to explore SL's opportunities
SLIM’s New Year celebration today
Talawakelle Tea Estates boosts 1Q profit on tea price hikes
Auston Institute launches multifaceted higher education in Sri Lanka
Unilever focuses on expanding in Branded Tea Market
Ten finance company branches to be set up in the North
Mobitel takes mLearning to the Maldives
CNCI Achievers Awards 2010
CHC reduces losses
SL ecology easy to manage: Environment Ministry
Luxury serviced apartments now in Jaffna
Debate over IMF loan -- Letter
Urgent need to consult the North: BT Editorial -- Letter
More listed firms gearing to launch power projects
600 mini hydro power projects to be developed with private sector participation
Health policy for migrants being developed
Tourism: Occupancy rates and earnings up
Standard Chartered donates computers to army project
British High Commissioner visits colonial past
EU funds Ceylon Chamber Greening Sri Lanka Hotels
Redefining loyalty in the workplace
SAGT confronted with tax issues
Activity levels high in CSE this week
CB has key role in economic development - Basil
Grassroots to apex of success
Sri Lanka to spend US$ 9 mln for IIFA Awards, returns assured
Public anger at taxes expressed at tax seminar
Economists predict increased inflation
Lanka Salt records highest ever revenue of over Rs. 1 bln
Proper corporate governance and risk managing processes needed
Palm oil cultivation yields good results
Textbook on Commercial Law by Dr Wickrema Weerasooria
FCCISL facilitates first-ever Jaffna International 2010 Trade Fair


Reproduction of articles permitted when used without any alterations to contents and a link to the source page.
© Copyright 2010 | Wijeya Newspapers Ltd.Colombo. Sri Lanka. All Rights Reserved.| Site best viewed in IE ver 6.0 @ 1024 x 768 resolution