The government will present its US$ 20 billion Appropriation Bill for 2012 in the Parliament for its first reading today. President Mahinda Rajapaksa in his capacity as the Finance Minister will present the Budget 2012 in Parliament (2nd Reading) on November 21.
Following the debate on the budget proposals for 24 days, the final vote will be taken on December 11.
The total expenditure for 2012 is estimated at Rs. 2.22 trillion (US$ 20 billion) necessitating an increase in Recurrent Expenditure from Rs.1. 029 trillion in 2011 to Rs.1.109 trillion in 2012, and the Capital Expenditure from Rs.938 billion to Rs.1.111 trillion. The total revenue will be Rs 1.115 trillion.
Finance Ministry said that the government is aiming to reduce the budget deficit at 6.2 percent of GDP while maintaining a 8 percent economic growth and an annual inflation between 6 and 7 percent in the 2012 budget. (niz)
Source: Government News Portal