Estimated expenditure Rs. 2.5 trillion

Appropriation Bill 2022 presented

By Saman Indrajith

The 2022 Budget process started yesterday (7) with Finance Minister Basil Rajapaksa presenting the Appropriation Draft Bill in Parliament for next year.

The estimated government expenditure for the fiscal year is Rs 2.5 trillion (Rs. 2,505.3 billions).

This bill will authorise the raising of loans in or outside Sri Lanka and make financial provision in respect of certain activities of the government for the said financial year.

Further, it is expected to enable the payment by way of advances out of the Consolidated Fund or any other fund or monies, of or at the disposal of the government, of monies required during that financial year for expenditure on such activities.

The Bill will also provide for the refund of such moneys to the Consolidated Fund

The bill sets out allocations for each ministry and also borrowing limits. It has set the limit of borrowing at Rs. 3.18 trillion.

The revenue estimates and proposals to bridge the deficit are presented during the budget speech.

The budget proposals for the fiscal year 2022 will be tabled in the Parliament on Nov 12, said Chief Government Whip, Highways Minister Johnston Fernando.

He said that the decision to present the budget 20202 was taken at the party leaders’ meeting held earlier yesterday.

Accordingly, the third reading and the vote of Budget 2022 have been scheduled for Dec 10.