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Last Updated : 2024-04-23 12:32:00
20 July 2011 08:15 am - 12 - {{hitsCtrl.values.hits}}
Treasury Secretary P. B. Jayasundera said the country’s defence spending was further going down as there was no requirement to spend money on military hardware, the LBO reported.
In 2010, the defence spending fell to 190 billion rupees or 3.4 percent of GDP as the economy expanded compared from 3.9 percent of GDP in 2009.
“So this number is going down, because we no longer spend money on aircraft, buying ammunition or military hardware,” Mr. Jayasundera told members of the Joint Apparel Association Forum, an industry body.
“Probably we have to build little bit capital stock to have fairly high tech security. But since there is no war threatening the existence of the country itself, we can have planned defence expenditure like any other country which will also be conducive for national development,” he said.
He said defence expenditure which was about 5.0 percent of gross domestic product during the war years, has now dropped to 3.0 percent. “So we had fairly high defence expenditure, sometimes as high as five percent of GDP. It has now dropped to three,” he said.
For 2011 defence spending was originally slated at 214 billion rupees or 3.4 percent of forecasted GDP. But spending was upped last month by another 20 billion rupees to build a new defence headquarters, taking the share up to about 3.7 percent.
However the government is selling land where military facilities were earlier sited, to raise funds.
He also said that country is seeing a peace dividend in the form of lower interest rates, taxes, inflation and higher capital expenditure after a 30-year war ended.
Siribiris Wednesday, 20 July 2011 08:30 AM
Who will decided this? You?
Handipora Wednesday, 20 July 2011 08:25 AM
That is why he said he can meet the Hedging Bill.
misunderstood Wednesday, 20 July 2011 08:34 AM
percentages may have dropped but absolute number is still colossal. Did not the TS say hedging deal cost can be easily paid by the government??
Vimal Wednesday, 20 July 2011 08:51 AM
People, talk to the point why we talk about Hedging deal when the subject is defence spending? this is show how stupid these people. This is why all the political parties take advantage of the situation.
LOL Wednesday, 20 July 2011 09:00 AM
Politician's expenditure going up.....lolo
S.Dilruk Wednesday, 20 July 2011 09:08 AM
This is not only about defense. This is all about Sri Lankan money spending. So hedging deal is a must to talk with this spending issues as it's the paramount issue of this time. Cut the defense money & settle the hedging bill that made by few of sri lankan master minders.
sparks Wednesday, 20 July 2011 09:15 AM
So this idiot is justifying paying for the hedging cases which he is also a culprit.
Lucky Wednesday, 20 July 2011 09:17 AM
Mastermind behind the hedging drama, now speaks like the economic savior of Sri Lanka!!!!
Fayad Wednesday, 20 July 2011 09:32 AM
Fist of all get the GDP correct.
your figure don't not tally with the defense budget allocation...
M.L. Chong Wednesday, 20 July 2011 09:54 AM
Habbies country in trouble !
Patriot Wednesday, 20 July 2011 10:29 AM
Precisely, we don't have to defend our nation anymore! Bloody fool, see how much Singapore is spending on defense budget.
dayan Wednesday, 20 July 2011 10:28 AM
Vimal, you must be doing so much shopping for PB
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