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| Sunday, 12 October 2003 |
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Funds provided for subsidies Funds have been provided for 2004 for all subsidies such as Samurdhi payments, fertilizer subsidy, school uniforms and school text books at the prevailing rates under the Government's forthcoming Budget 2004, states a release from the Ministry of Finance. It further states that the total provision for foreign funded projects has been increased from Rs 70.1 billion in 2003 to Rs 89.1 billion in 2004 due to the pledges made by donors for enhanced foreign aid. Therefore, certain sectors such as highways and water supply have been allocated more funds than in 2003. Minister of Finance K.N. Choksy presented the Appropriation Bill for 2004 in Parliament last week. It sought approval for the proposed expenditure of Rs 352.7 billion consisting of Rs 209.1 billion on Recurrent Expenditure and Rs 143.6 billion on Capital Expenditure. It is the expenditure for maintaining public services and undertaking development work. The expenditure figures in the bill do not include items of expenditure for which Parliamentary approval has already been granted under various laws such as those on re-payment of public debt, payment of interest on public debt and pension payments amounting to Rs 313.8 billion. Therefore, the total expenditure that has to be incurred during 2004 will be Rs 668.6 billion. On the receipts side, the revenue and foreign grants are estimated to be Rs 356.1 billion. Hence, approval was sought by the Bill to borrow Rs 312.5 billion from both domestic and foreign sources. Both the expenditure and revenue have been estimated on the existing basis without taking into consideration any policy change. Out of the estimated receipts of Rs 356.1 billion, tax revenue amounts to 81 per cent while non-tax revenue and other receipts amount to 19 per cent. Of the tax revenue, direct taxes amounts to 17.5 per cent while the remainder is from indirect taxes such as Value Added Tax, Import Duties and Excise Duties. |
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