Budget 2018 to be presented on 9 Nov.

• Budget to be prepared on performance basis with KPI for projects 

The Government will move Budget 2018 on 9 November, Minister of Finance and Mass Media Mangala Samaraweera told the Parliament yesterday.

Minister Samaraweera is expected to present the 71st budget speech of independent Sri Lanka, starting a long process which will continue until mid-December where Parliament will continue with budget-related business throughout this period except on Sundays and public holidays. 

The debate on the second reading of the Budget will commence following the Minister’s speech and will continue for six days at which time the Second Reading Division will be taken. Hours of sittings during the Second Reading Debate will be from 10.30 a.m. till 6.30 p.m. The Committee Stage Debate will continue for 19 allotted days before the third and Final Reading Division is taken. Hours of sittings during the Committee Stage Debate will be from 10.00 a.m. till 6.30 p.m. 

According to the Ministry of Finance, Budget 2018 will be prepared on a performance basis and the ministry has requested the line ministries, provincial ministries and the heads of departments to clearly indicate the details of the output of proposed projects accompanied by the Key Performance Indicators. However, the Government has decided to give priority to ongoing and foreign-funded projects where KPI-based measurable outcomes are identified. In 2018, major macroeconomic assumptions include real GDP growth of 6%, inflation to stabilise at the 5% level and the overall budget deficit to be contained at 4.3% of GDP. (AH)