Sri Lanka plans 26% rise in defence, urban development spending

Sri Lanka plans to increase spending on defence and urban development by 25.9 percent to Rs.289.5 billion ($2.26 billion) in 2013, a budget appropriation bill presented to parliament showed yesterday.

The total maximum borrowing for 2013 has been increased by 12.6 percent year-on-year to Rs.1.3 trillion, while the total expenditure is forecast at Rs.2.52 trillion compared to this year’s estimated Rs.2.22 trillion.

No reasons were given for the rise in defence spending, three years after the end of a 25-year war against Tamil separatists. The budget proposals will be presented to parliament on November 8.

(Source : REUTERS)