Ravi K says 2016 Govt. borrowing was 22% less than P’ment approved limit

Contrary to the Joint Opposition’s claims that the current Government was on a borrowing spree, the Finance Ministry yesterday released statistics proving otherwise.

Finance Minister Ravi Karunanayake said last year that though the Parliament’s approved gross borrowing limit was Rs. 1.699 trillion, actual usage was Rs. 1.319 trillion, reflecting an unused sum of Rs. 380 billion or 22%. He said that in the past the unused borrowing amounts were much smaller. For example, in 2014, the Parliament approved limit was Rs. 1.78 trillion and the usage was Rs. 1.749 trillion, reflecting an unused figure of Rs. 54 billion. In 2011, it was Rs. 3 billion, Rs. 34 billion in 2012 and Rs. 17 billion in 2013.  

In 2016, the gross borrowing limit was lower than 2015 whilst the approved limit in 2017 is even lower at Rs. 1.57 trillion.