Government raises appropriation credit limit amidst declining revenue

News

The government is to raise the approved credit limit by the Appropriation Act for this year by another 400 billion rupees due to the declining government revenue, increased expenditure and the present COVID situation.

A proposal submitted by the Finance Minister to amend the Appropriation Act No.7 of 2020 in order to increase this year’s credit limit of Rs. 2997 to Rs. 3397 billion was approved by the Cabinet of Ministers.

Reasons cited for the increasing of the credit limit include the declining government revenue due to the present COVID-19 situation, increased expenditure in several other sectors including health care expenditure as well as social security protection for those who have lost their income.

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