Tue, 19 Oct 2021 Today's Paper

Govt. plans to reduce deficit to 4.7%: Ravi

10 November 2016 07:10 am - 3     - {{hitsCtrl.values.hits}}

A A A

Finance Minister Ravi Karunanayake said the government targets a fiscal deficit of 3.5 percent of GDP by 2020, while it has planned to reduce the deficit to 4.7 percent next year from a targeted 5.4 percent in 2016.

The economy inherited was not an easy one for any Finance Minister to manage due to public debts in excess of Rs.9.9 trillion plus Rs.1.2 trillion in debts off the balance sheet. However, with strict financial discipline, the government has been able to pay attention to financial consolidation and reducing the budget deficit, he said.

Mr. Karunanayake will present the third budget of the National Unity Government of President Maithripala Sirisena and Prime Minister Ranil Wickremesinghe this afternoon in Parliament. This will be the 70th Budget of independent Sri Lanka.

“GDP had increased to Rs.11,183 billion (US$ 82.3 B.) in 2015, from Rs.6,414 billion (US$ 56.7B.) in 2010. Sri Lanka has a new phenomenon in its expenditure chain, in that a sizeable proportion goes for social welfare and subsidies. Next year’s budget will allocate around Rs 380 billion to welfare and subsidies,” he said.

Mr. Karunmanayake said Budget 2017 would be a pro-growth budget and focus on countering the deficiencies of the past several years. Accordingly, the budget would have proposals to rectify all existing anomalies -- to deal with the export sector to create jobs.

“It will cover all sectors of the economy and will be beneficial to the people in the short term as well as the long term,” he said, outlining his budget.

Once the Budget is presented in the Parliament on Thursday the debate on the second reading and the committee stage will continue till December 10. (Sandun A Jayasekera)

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

  Comments - 3

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

 

  • NAF Thursday, 10 November 2016 04:04 PM

    Budget Speech in English Majority Poor listen to budget like watching T 20 Match Here Ravi Speeks " Papam rabutan bibikan papaya kankun ta x bla bla bla ..........

    Anja Thursday, 10 November 2016 07:07 AM

    Charging tax burning people show your colors via DM Android App

    ANTON Thursday, 10 November 2016 07:27 AM

    BY INCREASING THE PRIZES OF CIGARETTES AND LIQUOR ???


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




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

 


How a 19-year-old TikToker is helping bring back the Woolly Mammoth!

A young TikTok star and his friends are helping an ambitious gene editing pro

Unmasking Sri Lanka’s Pyramid Parasites

A Financial Cancer Spreading Through Sri Lanka Again...

Writing Letters to Michele Bachelet Causes Turmoil Within the TNA

The Tamil National Alliance(TNA) is currently in a state of great turmoil. Th

A state-sponsored elephant racket in the works

A controversial new gazette has been issued seeking to employ elephants for w