Fri, 29 Mar 2024 Today's Paper

Sri Lanka targets 10% cut in total expenditure next year

By

26 October 2016 12:02 am - 0     - {{hitsCtrl.values.hits}}

A A A

REUTERS:  Sri Lanka will curb its total expenditure by around 10 percent to Rs.3.33 trillion (US$ 22.50 billion) in the 2017 budget from this year, a finance ministry document showed yesterday.
The island nation has agreed to reduce its budget deficit to 5.4 percent of the Gross Domestic Product (GDP) this year and 4.7 percent of GDP next year, as per the conditions laid out under a US$ 1.5 billion International Monetary Fund (IMF) loan.


“We will cut the expenditure through reducing the government expenditure and better financial management,” Deputy Finance Minister Lakshman Yapa Abeywardena told reporters in Colombo.
A document by the Finance Ministry showed the government has planned to cut defence budget by 8.5 percent, higher education and highways by a fifth, and health by 9.5 percent.
The document did not give specific details on how the government plans to cut recurrent and capital expenditure on each ministry.


This year’s total expenditure is estimated at Rs.3.7 trillion. A delay in Value-Added-Tax (VAT) hike is likely to put pressure on the government’s ambitious goal of achieving the 5.4 percent of the GDP budget deficit target this year.


The plan to increase the VAT to 15 percent from 11 percent was suspended in July after two Supreme Court rulings. However, the Finance Ministry yesterday said the amended bill will be debated in the parliament today before a voting.

 


Order Gifts and Flowers to Sri Lanka. See Kapruka's top selling online shopping categories such as Toys, Grocery, Kids Toys, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Money Remittence,Astrology, Courier/Delivery, Medicine Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop into Sri Lanka

  Comments - 0

Order Gifts and Flowers to Sri Lanka. See Kapruka's top selling online shopping categories such as Toys, Grocery, Kids Toys, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Money Remittence,Astrology, Courier/Delivery, Medicine Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop into Sri Lanka

Add comment

Comments will be edited (grammar, spelling and slang) and authorized at the discretion of Daily Mirror online. The website also has the right not to publish selected comments.

Reply To:

Name - Reply Comment





Order Gifts and Flowers to Sri Lanka. See Kapruka's top selling online shopping categories such as Toys, Grocery, Kids Toys, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Money Remittence,Astrology, Courier/Delivery, Medicine Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop into Sri Lanka

VAT increase: SOUNDs death knell for publishers, readers

Though the Government imposed VAT (Value Added Tax) on vegetables and other e

How female change-makers are driving Sri Lanka’s energy saving platform

Saving energy has become more of a responsibility than a habit in today’s c

A dull Ramadan awaits Muslims amidst the Soaring Cost of Living

In the coming days, Muslims across the world will welcome the Holy Month of R

New wildlife underpass to curtail HEC

As of February 2024, Sri Lanka lost another 38 elephants as a result of the H

MIRROR CRICKET

More