Budget 2014 to be presented in Parliament

Staff Writer

The 2014 Budget is to be presented to parliament on November 21.
While the 2014 Budget has already been prepared, it will be debated in Parliament for close to a month. According to tradition, the first reading of the budget, or the tabling of the Appropriations Bill in Parliament, the Bill which lays out the Government’s expenditure and debt limits for the coming financial year, is first adopted in Parliament.
The 2014 Appropriations Bill was presented to Parliament on October 22.
According to the Appropriations Bill, expected government expenditure for 2014 is Rs.1542 billion, an increase of Rs.207 billion year on year.
The largest allocation of Rs.253 billion has been allocated for the Ministry of Defence and Urban Development; this figure represents 16.4 percent of government expenditure. The next highest allocation of Rs.144 billion has been made for the Ministry of Ports and Highways; this represents 9.33 percent of government expenditure.
Allocations of Rs.118 billion  and Rs.76 billion  are to be made for Health and Educations respectivly, through the 2014 Budget. The Appropriations Bill notes that the government hopes to obtain loans amounting to Rs.1100 billion to finance these allocations.
The 2014 Budget which will be prepared accordingly, will be presented to Parliament by the Minister of Finance on November 21, known as the second reading of the budget.
Tax proposals and loans to be obtained by the government to finance it’s expenditure estimates will be proposed through the budget.
Today on Budget 2014, we look at how the 2013 Budget was implemented and what the 2014 Budget will contain.