Treasury officials finalise 2015 budget under severe stress and strain

Despite severe pressure on making final adjustments to 2015 budget to be presented in parliament by the president on the 24th, Treasury’s National Budget Department and Department of Treasury Operations officials have finalised new proposals aiming to address emerging needs including the impending presidential election and gaps in all development sectors, official sources said.

Some of these Budget proposals are on broadening the tax base, actions on law enforcement, regulatory measures and streamlining of systems and procedures of ministries and state institutions as well as welfare and subsidy assistance for drought victims. Treasury officials were burdened with a heavy work load as the presentation of the budget in parliament has been advanced by one month.

Some of the officials have been directed by Treasury Secretary Dr. P.B. Jayasundera to expedite the preparation of summary of the Budget and revise the borrowing limits as set out in "Gross Borrowing Requirements in 2015” and effect any consequential amendments to the draft Budget Estimates.

Several officials were disheartened by the way they have been treated by their superiors when directing them to make frequent changes and last minute adjustments in the 2015 budget. Most of them have expressed their displeasure on the handling of affairs, reliable sources revealed.

Next year's budget has been prepared with the aim of maintaining the continuous development move for the next three years providing incentives for agriculture, fisheries, and rural industrial sectors, the sources revealed.

The Sri Lankan government targets economic growth rate of 8.2 per cent and a budget deficit of 4.4 per cent of gross domestic product (GDP) for next year.