Cabinet approval to prepare Budget 2019
January 3, 2019 03:47 pm
The Cabinet of Ministers has approved the proposal to prepare National Budget for 2019 facilitating the present state financial integrity program and the achievement of state financial goals.
In accordance with the statutory provisions, a Vote on Account was approved by the Parliament on December 21, 2018 for the expenditures in the first four months of 2019.
A new Appropriation Bill for year 2019 should be presented for Parliamentary approval including the expenditures relating to the first four months of 2019.
Accordingly the Cabinet of Ministers approved the proposal presented by Minister of Finance and Mass Media Mangala Samaraweera to prepare National Budget for 2019 facilitating the present state financial integrity program and the achievement of following state financial goals:
i. Increase government revenue over 17% of Gross Domestic Product.
ii. Restrict recurrent expenditure of the government to 1.5% of Gross Domestic Product.
iii. Maintain government revenue at 5.5% of Gross Domestic product.
iv. Restrict budget deficit to 3.5% of Gross Domestic product.
v. Maintain outstanding Government Debt below 70% of Gross Domestic Product.
