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Budget 2014 passed in Parliament

Budget 2014 passed in Parliament

December 20, 2013  05:58 pm

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The 2014 budget was passed in parliament a short while ago with a majority of 95 votes with 155 members voting in favour of the budget and 60 voting against it.

President Mahinda Rajapaksa, wrapping up the 24-day budget debate, said Sri Lankaís debt-to-GDP ratio had now declined to 75 percent from around 80 percent last year.

The government aims to reduce the debt to 65 percent of GDP by 2016.

The government aims to cut the 2014 fiscal deficit to an ambitious 5.2 percent of GDP, its lowest since 1977, from an estimated 5.8 percent this year, the level the government committed to the International Monetary Fund (IMF), which fully disbursed a $2.6 billion loan in July last year.

The island nation targets over 7.5 percent annual economic growth in each of the next three years from this yearís revised down target of a minimum 7.2 percent.