Appropriation Bill gets Cabinet nod

Friday, 28 September 2012 03:24 - - {{hitsCtrl.values.hits}}

Cabinet approval has been granted for the Appropriation Bill for the financial year 2013, with the first reading to be done on 9 October.

The Appropriation Bill was presented by President Mahinda Rajapaksa as Minister of Finance to the Cabinet. It is to be submitted to Parliament after being gazetted, Cabinet Spokesman Minister Keheliya Rambukwella told reporters.

The estimated Government expenditure for 2013 is Rs. 2,520 billion, while the projected revenue inclusive of Rs. 20 billion in foreign funds is Rs. 1,280 billion, the Cabinet paper released to reporters said. However, the deficit for the impending Budget has not been finalised yet.

“In the preparation of this bill, the President and the General Treasury had consulted each line ministry and other stakeholders, with the view to formulating a realistic budget. Emphasis has been given for the priorities identified under the Medium Term Expenditure Framework 2013-2015 and for the completion of development activities which have already been commenced and are ongoing.”

The first reading of the Appropriation Bill will take place on 9 October while the Budget proposal (second reading) will be presented on 8 November.