Siyambalapitiya says supplementary estimates will not result in new allocations

Saturday, 15 June 2024 01:13 - - {{hitsCtrl.values.hits}}

Clarifies estimates only entail changes to subjects under which existing expenses are categorised

State Minister of Finance Ranjith Siyambalapitiya said yesterday that the supplementary estimates presented by President Ranil Wickremesinghe, amounting to Rs. 8.75 billion, will not lead to any new financial allocations.

Addressing the concerns regarding the supplementary estimates, he clarified that although supplementary estimates typically involve new recurrent or capital expenditures, this particular estimate does not impact the primary account or the budget deficit.

Siyambalapitiya said the estimates only entail changes to subjects under which existing expenses are categorised.

“The supplementary estimate is merely an adjustment in the allocation of funds within existing budgetary provisions. It does not entail an increase in overall spending or affect the fiscal balance,” Siyambalapitiya added.

He reiterated that the purpose of the supplementary estimate is to reallocate funds to different subject areas to better reflect current spending priorities and requirements. This reallocation ensures that Government departments and projects receive appropriate funding without altering the total amount of expenditure previously approved by Parliament.

The reassurance comes amid scrutiny over the Government’s fiscal policies and budget management. By highlighting that the supplementary estimate will not contribute to a budget deficit, Siyambalapitiya aims to alleviate concerns about potential fiscal mismanagement.

The supplementary estimates will undergo further scrutiny and discussion in Parliament, ensuring transparency and accountability in the reallocation of funds.