Money printing drops by 7.8% compared to 2021: State Finance Minister

Thursday, 1 December 2022 00:21 - - {{hitsCtrl.values.hits}}

Presents proposal to increase total Govt. borrowing ceiling to over Rs. 4.5 t

State Finance Minister Ranjith Siyambalapitiya yesterday said the money printing has dropped by 7.8% compared to last year, noting that bills were printed only for essential matters which had no impact on inflation.

He made these remarks in Parliament yesterday presenting the proposal to raise the State borrowing ceiling limit for the year 2022.

“The credit limit approved by the Parliament for the year 2022 was Rs. 3,844 billion. However, considering the urgency of the payments that are slated to be settled we decided to increase the credit limit by another Rs. 663 billion, and revise the total amount to Rs. 4,507 billion,” he said.

In addition, a proposal was also tabled to raise the limit for Treasury Bills from Rs. 4,000 billion to Rs. 5,000 billion.

He pointed out that these proposals were presented to manage the strength of the financial system.

“The difference between the income and expenditure which was at Rs. 761 billion in 2018 has increased to Rs. 1,439 billion in 2019. In 2020, the gap between income and expenditure was widened to Rs, 1,668 billion and in 2021 it further increased to Rs. 2,058 billion. The estimated gap for this year is at Rs. 2,333 billion,” he explained.

State Minister Siyambalapitiya said 42% of the value of bills due has been paid so far. “The Government has managed to reduce dues from Rs. 359 billion to Rs. 205 billion,” he added.

He also called on experts who can manage the Government coffers without raising the debt amidst the ongoing economic crisis.

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