Sri Lanka to prepare 2018 budget on performance basis

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July 05, 2017 (LBO) – Sri Lanka’s Finance Ministry is to prepare budget 2018 in line with performance-based budgeting according to the midterm budget framework 2018-2020.

As per the proposal approved by the cabinet, the Finance Ministry is to determine budget limits for line ministries considering priority programmes of the government.

The Macro – Public Finance Framework 2018 – 2020 aims to achieve following targets in 2020.

1. Increase public income from 16.5% of GDP
2. Recurrent expenditure to be 14.8% of the GDP
3. Public investment at 5.3% of GDP
4. Reduce budget deficit to 3.5% of GDP
5. Reduce public debt to 70% of GDP