Sri Lankan Presidents prepares to present the budget 2012 to the parliament tomorrow

Nov 20, Colombo: Sri Lankan President Mahinda Rajapaksa in his capacity as the Minister of Finance and Planning will present the 2012 budget to the parliament tomorrow for its first reading.

Sri Lanka’s budget for next year has been prepared to ensure a stable economic growth while keeping the inflation down, the President has said.

The government is aiming to reduce the budget deficit to 6.2 percent of GDP while maintaining an 8 percent economic growth and an annual inflation between 6 and 7 percent in the 2012 budget.

According to the government, the total expenditure for 2012 is estimated at Rs. 2.22 trillion (US$ 20 billion) while total revenue for the year is estimated at Rs 1.115 trillion.

The Bill will be debated for seven days from 22nd 30th November and the vote on the budget will be taken then on the last day of the debate.

The government and the opposition have come to an agreement to pass the budgetary allocations made to 21 ministries without holding a committee stage debates due to time constraints in debating allocations made to 64 ministries. A Parliamentary Select Committee chaired by the Leader of the House, Minister Nimal Siripala De Silva had been appointed for those 21 ministries to consider the expenses allocated for them.

The Committee stage debate will be held for 17 days including Saturdays except on December 10, from 1st to 21st December and the vote on the third reading is scheduled to be held on December 21.

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