Cabinet nod to present revised budget estimates to Parliament

The Cabinet nod has been granted to present a bill to Parliament to amend Appropriation Act No. 30 of 2021 for the year 2022, in order to revise the original budget estimates for the year, as a result of the ongoing economic crisis.

Prime Minister Ranil Wickremesinghe, in his capacity as the Finance, Economic Stabilisation and National Policies Minister, on Monday sought to revise the budget estimates adopted by Appropriation Act No. 30 of 2021 for the year 2022, through the bill prepared by the Legal Draftsman and cleared by the Attorney General.

Following the publication of the bill in the government gazette, it will be presented to Parliament for approval.
The newly-appointed Cabinet of Ministers on June 6 approved to present a new budget for the year.
According to the original budget estimates, the revenue was expected at Rs.2.3 trillion and the expenditure at 
Rs.3.3 trillion. 

However, the prime minister expects the actual revenue to fall to Rs.1.6 trillion and expenditure to increase to Rs.4 trillion, causing an additional budget deficit of Rs.0.8 trillion.