Finance Minister to bridge a budget deficit of Rs.1,349.12 bln
View(s):Finance Minister Ravi Karunanayake will unveil measures to bridge the budgetary gap of Rs.1,349.12 billion in 2016 when he presents the maiden budget of the new government in parliament on November 20.
Budget 2016 is now being prepared based on the Medium term Budgetary framework 2016-2018, a media release issued by the Finance Ministry revealed.
The Treasury has conducted budget discussions with the Ministries and Provincial Councils while considering policy framework and priorities in drafting budget estimates for 2016, it said.
According to the Appropriation Bill for the budget 2016 approved by the cabinet, the revenue at the prevailing rates structure and foreign grants have been estimated to be around Rs. 1,789 billion. The expenditure provision covered in the Appropriation Bill has been estimated as Rs. 1,941 billion which consists of Rs. 1,314 billion for recurrence expenditure and Rs. 626 billion for capital expenditure.
The total expenditure provision for 2016 without budget proposals to be introduced at the second reading of the budget (November 20) is estimated at Rs. 3,138 billion.
The appropriation bill for the budget 2016 is scheduled to be tabled in Parliament on October 23.