2012 budget to be presented today

21 November 2011 03:41 am Views - 4279

Sri Lanka's 65th budget is to be presented to Parliament today. It will be the third budget of the seventh Parliament and will be presented by President Mahinda Rajapaksa in his capacity as the Minister of Finance and Planning.

The budget will be development-oriented with the aim of making Sri Lanka the “Wonder of Asia” by 2016.

The projected expenditure of the government for economic development for 2012 is 2,220 billion rupees. The anticipated revenue for 2012 is 1,115 billion rupees. The Budget Estimates for 2012 will maintain the budget deficit at 6.2 per cent of the GDP to ensure economic growth at eight per cent and the rate of annual inflation between six to seven per cent.

The budget has allocated a maximum amount of funds for the Ministry of Defence and Urban Development.

The debate on the Second Reading of the Budget will continue for seven days from November 22 to 30. The Vote on the Second Reading will be on November 30 at 5.00pm.

The Committee Stage debate will continue for 17 days from December 21. The Vote on the Third Reading is scheduled for December 21 at 5.00pm