COPF discusses proposal to amend Vote on Account

COPF discusses proposal to amend Vote on Account

COPF discusses proposal to amend Vote on Account

Written by Staff Writer

18 Feb, 2020 | 9:42 pm

Colombo (News 1st): The Parliamentary Committee on Public Finance discussed the proposal to amend the Vote on Account seeking to obtain an additional Rs. 367 billion for government expenses. Prime Minister Mahinda Rajapaksa in his capacity as Minister of Finance, Economic Affairs, and Policy Development will put forward a resolution to amend the Vote on Account in Parliament on Thursday.

Speaking to News 1st, a Spokesperson for the Ministry of Finance said that the passing of the resolution will increase the country’s debt ceiling to Rs. 1.07 trillion from Rs. 721 billion which was approved last October.

In addition, the amount allocated for the government’s expenditure will also be increased to Rs. 1.1 trillion from Rs. 757 billion which was approved last year. During the previous government, exactly 4 months prior to the General election in 2015, an attempt was made by then Finance Minister Ravi Karunanayake, to extend the government’s borrowing limit.

The bill presented to Parliament was to increase the Government’s debt ceiling by Rs. 400 million. However, it was defeated in parliament on 7th April 2015.

Is there a similarity between the attempts made by this and the previous governments in extending the government’s borrowing limit, right before a general election?

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