Budget 2018: First reading – The expenditure breakdown

Budget 2018: First reading – The expenditure breakdown

By Lahiru Fernando

09 Oct, 2017 | 8:43 pm

The Appropriations Bill for the 2018 financial year was tabled in Parliament today, October 9. The bill contains the state’s estimated expenditure and revenue for 2018.This budget speech is the first step in the Parliament budget procedure.

According to the bill tabled by State Minister of Finance Eran Wickremaratne the budgeted expenditure and expected revenue details are as follows;

Total state expenditureRs. 3,982 Billion

The total expenditure for 2018 has increased by 46% (Rs. 1,259 billion) in comparison with the budget report for 2017.

Total state revenueRs. 2,175 Billion

This amount will result in the government having to seek external and domestic loans to the tune of Rs. 1,807 Billion to cover the budget deficit.

The expenditure breakdown

  • Defence Ministry – Rs. 290.7 Billion
  • Ministry of Finance and Mass Media – Rs. 227.57 Billion
  • Ministry of Higher Education & Highways – Rs. 182.75 Billion
  • Ministry of Education – Rs. 102.88 Billion
  • Ministry of Health, Nutrition & Indigenous Medicine – Rs. 178.39 Billion
  • President – Rs. 9.98 Billion
  • Prime Minister – Rs. 1.77 Billion

The 2nd reading of the appropriations bill is scheduled to take place on November 9, 2017.

It will include details of:

  • Government’s expenditure proposals
  • Expected revenue streams
  • How the deficit will be covered