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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ »  Defence, Urban Dev. Budgetary share tops Rs. 290 bn

Defence, Urban Dev. Budgetary share tops Rs. 290 bn

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Redbulls

Redbulls
Director - Equity Analytics
Director - Equity Analytics
The Defence and Urban Development Ministry has received the biggest budgetary allocation for 2013 exceeding Rs. 290 billion for both recurrent and capital expenditure, according to the Appropriation Bill approved by the Cabinet on Wednesday.

Cabinet Spokesman and Minister Keheliya Rambukwella said the Cabinet approval was granted for the Appropriation Bill for the Financial Year 2013 submitted by President Mahinda Rajapaksa as Minister of Finance and Planning, after publishing it in the Government gazette.

In the preparation of this Bill, the President and the General Treasury had consulted each line Ministry and other stakeholders, to formulate a realistic budget, he said.

Emphasis has been placed on the priorities identified under the Medium Term Expenditure Framework 2013 - 2015 and for the completion of development activities which have already been commenced and are ongoing, Minister Rambukwella stressed.

The estimated Government expenditure for 2013 is Rs. 2520 billion. The economic growth will be maintained at 7% and the annual inflation rate contained at 7%., he said.

The first reading of the Appropriation Bill will take place on October 9 while the Budget proposal (second reading) will be presented on November 8.

The Health Ministry’s estimated recurrent expenditure in 2013 is Rs. 75 billion while the capital expenditure 18.5 billion. Other major allocations are for education and Agriculture ministries that amount to Rs. 38 and 28 billion respectively recurrent and capital expenditure, he added. (Sandun A. Jayasekera)
http://forum.srilankaequity.com/t23261-trade-summary-market-28-09-2012

Kithsiri

Kithsiri
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
These are the fruits of winning a protracted war a few years ago. Very Happy
Increase in Defence spending (?????) & wasting on Mass Feeding (more Grass fields) projects. Shocked affraid

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