Information posted in this forum are entirely of the respective members' personal views. The views posted on this open online forum of contributors do not constitute a recommendation buy or sell. The site nor the connected parties will be responsible for the posts posted on the forum and will take best possible action to remove any unlawful or inappropriate posts.
All rights to articles of value authored by members posted on the forum belong to the respective authors. Re-using without the consent of the authors is prohibited. Due credit with links to original source should be given when quoting content from the forum.
This is an educational portal and not one that gives recommendations. Please obtain investment advises from a Registered Investment Advisor through a stock broker
ECONOMYNEXT – Sri Lanka has made a three month mini-budget running from March to May 2020, using constitutional powers given to President Gotabaya Rajapaksa after parliament was dissolved as the country remains gripped by Coronavirus.
Sri Lanka began 2020 with a 4-month mini-budget or vote-on-account running up to April passed by the last parliament.
The current budget under President’s powers coming from section 150 of the constitution would run from March 06, before the term of the earlier vote-on-account ends and run till the end of May.
The national budget department in a circular to spending units said summary of estimates
for each Ministry and spending agency are allocated for the next three months incorporating balance provisions of the Vote on Account 2020.
The allocations including debt repayments total 1,224.8 billion rupees, made up of 713 billion in current spending and 511 billion in capital spending, which also involves debt rollovers.
The Department of Treasury operations had been allocated a total of 628.5 billion rupees, involving 268.4 billion in recurrent spending and 360.1 billion rupees of capital spending.
The ministry of health had been allocated 63.3 billion rupees.
Sri Lanka’s army, navy and air force had been allocated 68.2 billion rupees.
Sri Lanka has a large public service, with around half the tax rupee collected from the people going for salaries, wages and pensions of state workers.
Last week the President also allocated 500 million rupees for anti-Coronavirus activities though the military and other agencies mobilized for the task have underlying funding from budget.
- Posts : 2142
Join date : 2016-11-28
Age : 40