Appropriation Bill presented to Parliament yesterday

The Appropriation Bill was presented in Parliament for the first reading today by the State Minister for Finance Eran Wickramaratne.

According to the proposals the allocation for the Defence Ministry was the highest with Rs 290 billion for the Ministry which covers the expenditure of the armed forces.

Among the other ministries which high allocations have been made are the Finance and Media Ministry with Rs 227 billion and the Provincial Council and the Local Government Ministry which has been allocated Rs 218 billion.

The Higher Education and Highways Ministry is to be allocated Rs 182 billion and the  Health Ministry is to be allocated Rs 178 billion.

According to the proposal the bill records an allocation of Rs.260,711,375,000 as recurrent expenditure for the Ministry of Defence and a capital expenditure of Rs. 30 billion.

The Finance Ministry estimates a total expenditure of Rs. 3,982 billion for 2018. The amount includes Rs.1, 308 billion for recurrent expenditure and Rs. 668 billion for capital expenditure. The Government estimates a revenue of Rs. 2,175 billion from foreign grants while another Rs.1, 813 billion IS to be financed through loans obtained from both foreign and domestic sources, the said.

The Finance Minister Mangala Samaraweera will present the 2018 Budget during the second reading of the Appropriation Bill onNovember 9. The second reading of the 2018 Budget will be held on November 10, 11, 13th, 14 and 15 while the Committee stage debate will be from November 16 with the vote on the third reading of budget fixed for December 9.