Sri Lanka targets budget deficit of 4.4-pct for 2017: Minister

Oct 26, 2016 (LBO) – Sri Lanka plans on reducing it’s budget deficit to 4.4 percent in 2017 and curbing its total expenditure by around 10 percent, the State Minister of Finance said.

“We propose to cut the budget deficit up to 4.4 percent and curb expenditure through reducing the government expenditure and better financial management,” Lakshman Yapa Abeywardana, the state minister of finance told reporters in Colombo, Tuesday.

“To increase the states income we will bring proposals to increase our export earning and also earnings from tourism. Total expenditure will be reduced by around 10 percent to 3.33 trillion rupees. ”

Showing a document to reporters he said that the government planned to cut it’s defense budget by 8.5 percent, higher education and highways by a fifth, and health by 9.5 percent.

“The finer details of these can only be revealed in the budget that is due in November,” he said.

This year’s total expenditure is estimated at 3.7 trillion rupees.