Appropriation Bill tabled in P’ment; 2012 maximum borrowing at Rs. 1.15 t

By Chamitha Kuruppu

The Government plans to increase its total maximum borrowing by 15.3% in 2012 year-on-year to Rs. 1.15 trillion, while total expenditure is forecast at Rs. 2.22 trillion, as per the Appropriation Bill tabled in Parliament yesterday.

A total expenditure of Rs. 2.22 trillion was forecasted in the Appropriation Bill for 2012 presented to Parliament by Prime Minister D.M. Jayarathne.

Spending on economic development is estimated at Rs. 104.6 billion while the bill shows a spending on defence and urban development is estimated at Rs. 229.9 billion, a 7% increase compared to the previous year.  The bill shows spending on health estimated at Rs. 73.9 billion an 18.8% increase from this year’s Rs. 62.2 billion. Education shows Rs. 33.2 billion up 8%, Finance and Planning at Rs. 124.2 billion and ports and highways at Rs. 144.6 billion.

According to the Bill estimated expenditure on petroleum industries is Rs. 108 Billion, power and energy Rs. 33 billion rupees, Construction, engineering services, housing and common amenities Rs. 2.7 billion, labour and labour relations Rs. 1.5 billion and technology and research Rs. 3.1 billion.

The full budget is to be presented in parliament with revenue proposals on November 22 by President Mahinda Rajapakse.

The Government earlier this month said it planned to trim its budget deficit to 6.2% of its 2012 gross domestic from this year’s estimated 6.8%. It is aiming for eight per cent growth in its $ 50 billion economy.