Jan 07, 2019 (LBO) - Sri Lanka's Finance Ministry says Budget 2019 will increase public revenue to 17 percent of Gross Domestic Product (GDP) while capital expenditure will be limited to 3.5 percent of GDP. It will also target maintaining the debt-to-GDP ratio to just 70 percent with recurrent expenditure cut down to 15 percent of GDP. The Finance Ministry said in a statement the Appropriation Bill is expected to be presented to Cabinet this week. “Since government expenditure will be limited in 2019, the Ministries have been instructed to limit their expenditure proposals to projects with active plans,” the statement added.
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Earlier, in October 2018 as per the Appropriation Bill, which was presented to the Cabinet by Finance and Media Minister, Mangala Samaraweera, the annual state expenditure was estimated at 4,376 billion rupee with a budget deficit of 644 billion rupees, 4.1 percent of GDP.
The Budget which was to be presented in Parliament by Minister MangalaSamaraweera on November 05,2018 was postponed due to President Maithripala Sirisena actions on the Oct. 26 to sack the incumbent Prime Minsiter Ranil Wickremesinghe due to differences plunging the island into political dead lock resulting in no proper government in power.