SLFP will vote in favour of the Budget

Monday, 7 November 2016 00:34 - - {{hitsCtrl.values.hits}}

By Chathuri Dissanayake

An SLFP delegation met the State Finance Minister and other officials on Friday for a final discussion on the Budget proposals put forward by the party while also discussing the current financial situation of the country.

State Finance Minister Lakshman Yapa Abeywardena said that the SLFP would vote in partnership for the Budget, taking into consideration the financial policy and stance taken by the party. Abeywardena said 95% of their proposals were accepted by the United National Party (UNP).

“We have worked to ensure that the people get the best possible deal under the current financial conditions, therefore the SLFP will be able to vote for the Budget as a coalition,” he said.

Govt. to avoid commercial loans to bridge Budget deficit

The Government will refrain from obtaining any commercial loans to finance the Budget deficit of 4.7% of GDP targeted for 2017.

“We are trying to limit our borrowings as much as possible and encourage investments and production through incentives,” said State Finance Minister Lakshman Yapa Abeywardena, although he failed to outline how the Government would find its debt servicing for next year.

He also said the Government would take steps to decrease imports while aiming to increase investments and exports. He revealed that the country’s total debt repayment for 2017 would be a whopping $ 4.4 billion. (CD)