The Government is seeking Rs. 4.99 trillion to meet its expenditure in 2027, under the Appropriation Bill presented to Parliament yesterday for its First Reading.
Finance and Planning Deputy Minister Dr. Anil Jayantha Fernando tabled the Bill. Besides allocating funds for Government spending, the Bill also authorises the Government to borrow, among other provisions.<\/p>\n\n\n\n
Under the Appropriation Bill, the largest allocation this year goes to the Finance, Planning and Economic Development Ministry at Rs. 856.853 billion. Other allocations include Rs. 659.95 billion for the Provincial Councils, Rs. 651 billion for the Public Administration, Provincial Councils and Local Government Ministry, Rs. 590.5 billion for the Health and Mass Media Ministry, Rs. 500 billion for the Transport, Highways and Urban Development Ministry, Rs. 458 billion for the Defence Ministry, and Rs. 328 billion for the Education, Higher Education and Vocational Education Ministry.
The Budget carries added weight because the International Monetary Fund (IMF) has made it a condition for releasing its next tranche. The IMF has reached a staff-level agreement on the Seventh Review of Sri Lanka\u2019s Extended Fund Facility (EFF), with Board approval of a tranche of about $ 345 million contingent on the 2027 Budget. Board approval also depends on a financing assurances review, which will confirm multilateral partners\u2019 contributions and assess progress on debt restructuring.
Dr. Fernando has said the Government is committed to framing the 2027 Budget within the IMF program\u2019s parameters and will meet the conditions for the IMF Executive Board to release the tranche.
The Second Reading of the Bill, when the Budget speech and Budget proposals are presented, is scheduled for 12 November.
The Second Reading debate will follow over seven days, from 13 to 20 November, with the vote set for 6 p.m. on 20 November.
The Committee Stage debate, where expenditure heads are examined ministry by ministry, will then run over 19 days, from 21 November to 14 December. The Third Reading vote is scheduled for 6 p.m. on 14 December.
Throughout the Budget debate, Parliament will sit from 9:30 a.m. every day, including Saturdays, except on Sundays and public holidays.<\/p>\n\n\n\n
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