Cabinet approves 2019 Appropriation Bill

8 January 2019 12:22 pm - 6     - {{hitsCtrl.values.hits}}


The Cabinet today approved the Appropriation Bill for 2019 with an annual expenditure of Rs 4,470 billion, the Finance Ministry said in media statement.

“The Bill was submitted by Finance Minister Mangala Samaraweera and the budget deficit would be 4.8 percent of the GDP,” it said.

The Appropriation Bill would be presented in Parliament on February 5 and the Budget proposal would also be presented by Finance Minister Mangala Samaraweera on the same day. 

The statement said:

“In 2014 Government Revenue was recorded as 11.5 percent of the GDP and it gradually increased after the present Government came into office in 2015. 

“The Government is excepting to increase the GDP to 11.5 percent end of this year,” the Ministry said,

“This annual National Budget was prepared under the Medium Term Fiscal Framework (MTFF) by adopting a performance-based budgeting approach with the aim of strengthening the on-going fiscal consolidation programmes.

“The government was also aimed to achieve the target of increasing the State revenue to 17 percent and limiting the recurrent expenditure to 15 percent of the GDP in the year 2021.

“Rs.2, 200 billion had been allocated for debt servicing in 2019. This is the highest a Government in the history of this country is compelled to bear for debt servicing. The recurrent expenditure includes Rs 1,425 billion while the Capital Expenditure will cost Rs 838 billion,” the Ministry said.

  Comments - 6

  • Priyantha Tuesday, 08 January 2019 04:38 PM

    22,000,000,000/20,000,000=100,000/ per year

    Mario Tuesday, 08 January 2019 05:31 PM

    This is not bad considering the figures Rosy was giving earlier.

    Lalith Tuesday, 08 January 2019 05:46 PM

    When you depreciate the currency by 20 percent in a year, it is quite possible to hit a high for debt servicing. It is important to have assets to show for the debt taken, and have value and income generating strategic assets as a base for the debts . If this is done, debt is not a problem. Many successful companies have high gearing, but still have good profits. e.g. Singapore debt is more than 112 percent of GDP at USD 2.5 trillion.

    concern Tuesday, 08 January 2019 06:56 PM

    Can't compare running a successful company to a government.

    Anu Tuesday, 08 January 2019 08:38 PM

    The news says GDP in so many locations, but what is the value of GDP in 2018 ? Without that figure what to make out of this news report? Shouldn't the journalism be all about giving clear information, rather than just putting out a news item?

    Shayan Peris Tuesday, 08 January 2019 09:33 PM

    Check World Bank or IMF data. GDP grew by 5% in 2018 and is at $98 billion as of the start of Jan 1st

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