Cabinet nod for draft Appropriation Bill for 2022

The Cabinet of Ministers granted approval for the draft Appropriation Bill for 2022, to be published in the government gazette and to table it in Parliament.

Finance Minister Basil Rajapaksa this week sought the approval for the draft Appropriation Bill for the financial year of 2022, prepared by the Legal Draftsman, to be published in the gazette and to table the same in Parliament, after receiving the clearance of the Attorney General.

On July 26, this year, the Cabinet of Ministers granted the approval for the Finance Ministry to move ahead with the drafting of the bill.

The bill sets out allocations for state entities and borrowing limits. The Finance Ministry is expected to begin the final preparation work for the budget 2022 in October, with a special focus on cutting public expenditure to maintain fiscal deficit under check next year.

Finance Minister Rajapaksa is expected to make his maiden budget speech in early November.