Sri Lanka begins budget process for 2014

Directory launched in the presence of Jagath Perera, CA Sri Lanka President, Manil Jayesinghe, CA Sri Lanka Vice President, Harsha Basnayake, Ernst & Young Asia Pacific Transaction Advisory Managing Partner, Aruni Rajakarier, Chairperson of the CA Sri Lanka Women Empowerment Committee, Anoji De Silva, Alternate Chair of the Women Empowerment Committee and Dulani Fernando, CA Sri Lanka CEO

Oct 22, 2013 (LBO) – Sri Lanka is kicking off the budget process for 2014 presenting spending limits or appropriations for ministries in parliament Tuesday. Among key spending amounts set for ministries include 253 billion rupees for defence and urban development down from 289 billion rupees a year earlier, ports and highways 144 billion rupees up from 131.4 billion rupees.

Last year’s defence ministry budget also included police. This year police comes under a separate head. In what is called the first reading of the budget ‘Appropriation Bill’ for 2014 the administration is seeking parliamentary approval to spend 1,542 billion rupees, up 30 percent from a year earlier.

The total government spending does not correspond directly to the numbers presented in the annual budget table in the so-called ‘second reading of the budget’ where the deficit and tax proposals to bridge are also outlined by the finance minister.

The budget speech is scheduled for November 22.

The appropriation bill also sets a borrowing limit of 1,100 billion rupees for 2014, down 15 percent, from the 1,295 billion rupees set in the appropriation bills for 2013.