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FM to speak on country’s fiscal position today

Finance and Mass Media Minister Mangala Samaraweera will speak on the country’s fiscal position in Parliament today.

Parliament is to take up an extensive debate today on the country’s economic performance so far this year. A full day’s Adjournment Debate has been facilitated on the ‘Mid-Year Fiscal Position Report 2018’ of the Finance and Mass Media Ministry and it will be moved by the UPFA. The report was presented to Parliament on July 17.

Minister Samaraweera is expected to reply to the concerns on the current pressure on the exchange rate and related economic issues during the debate. Debt servicing, revenue targets and the country’s fiscal policy will also be discussed during the debate.

The Minister at the commencement of the sittings will also present the Appropriation Bill (Budget 2019) for the first reading in Parliament.

The ‘Budget 2019’ themed “A strong economy and a prosperous nation” is scheduled to be presented on November 5.

The total estimated expenditure of the Government for the next year is Rs 4,376 billion and the expected total revenue for the year is Rs 2,432 billion.

The Bill has set an upper ceiling limit of Rs 1944 billion for borrowing for next year.

The highest allocation has been made to the Defence Ministry and the corresponding figure is Rs 306 billion. The Health Ministry has been allocated Rs 185 billion and the Education Ministry has been allocated Rs 105 billion.

(Daily NEws)

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