Midyear fiscal position report heads to Parliament

Friday, 29 July 2011 02:27 - - {{hitsCtrl.values.hits}}

The mid-year fiscal position report will be presented to parliament shortly after being approved by the Cabinet on Wednesday.

The Cabinet paper presented by President Mahinda Rajapaksa as finance minister detailed that the Mid Year Fiscal Position Report for 2011 contains the information on government revenue, expenditure, cash flow activities and borrowings within the first four months of the year. Further it contains the macroeconomic performance, price development, foreign aid, government debt and external sector performance.

Chapter 1 of the report covers the fiscal sector developments. This includes a summary of the fiscal operations during the first four months of 2011 and the revenue performance of the first five months in detail. Revision of tax rates, measures taken to broaden the tax base and administration changes are also included. Chapter 2 will deal with the macroeconomic position during the first quarter of 2011. Further the report carries information on the economic growth, inflation rate and the development in the external sector. This also includes the date on total gross official reserves as at the end of April.

Chapter 3 describes the subject of foreign aid. The details of the utilisation of foreign aid as at April and the foreign aid agreed within the first four months of 2011 as well as the sector-wise details with respect to foreign aid agreements are also included.