Marikkar claims Govt. attempting to increase expenditure by 300%

Tuesday, 25 July 2023 00:52 - - {{hitsCtrl.values.hits}}

SJB Deputy National Organiser and Parliamentarian S.M. Marikkar

Says Govt. has increased debt limit for 2023 to Rs. 13,979 b up from the estimated Rs. 4,979 b
Accuses Govt. of increasing its expenditure from Rs. 4,222 b to Rs. 13,222 b
Claims Opposition is unaware of purpose behind Govt.’s increase in expenditure

Samagi Jana Balawegaya (SJB) Deputy National Organiser S.M Marikkar yesterday levelled accusations against the Government, claiming an ambitious 300% increase in expenditure. The MP highlighted that despite the Appropriation Bill for 2023 initially granting the Government a debt limit of Rs. 4979 billion, it was later amended on 20 July this year to significantly increase it to Rs. 13 979 billion. “In other words, they are seeking to secure loans amounting to Rs. 9,000 billion, which is roughly equivalent to $30 billion,” he noted. “The total local and foreign debt accumulated to date stands at $83 billion. I fail to comprehend the necessity of acquiring an additional $30 billion for the remaining six months of this year,” Marikkar said.

The MP said while the Appropriation Draft Bill indicated the Government's expenditure as Rs. 4222 billion, however, it is now attempting to escalate it to Rs. 13 222 billion through the acquisition of these loans. “They are trying to increase expenditure by 322%,” he alleged.

Marikkar said that the opposition is unaware of the intended purpose behind the Government's increase in expenditure.

“We are left in the dark regarding the purpose of this expenditure. Is it for infrastructure, social welfare, or education? It is puzzling that the government is attempting to increase expenditure while refusing to release the allocated funds for the local government polls, claiming a lack of financial resources. They are seeking to raise expenditure by Rs. 9,000 billion, but they couldn't find Rs. 10 billion for the elections,”he emphasised.

“Despite the parliament having fiscal powers, the Government keeps its plans hidden from us. They seem determined to undermine the country. Reckless economic measures, loans and money printing and the eventual inability to service debts led to this crisis. Throughout this process, the opposition is kept completely in the dark, unaware of their actions,” he alleged.