Budget aims at rapid economic development

by Uditha Kumarasinghe

The Government will present Budget 2013 in Parliament on November 8. This will be the third budget of the 7th Parliament.

According to Government sources budget 2013 has given emphasis for priorities identified under the Medium Term Expenditure Framework 2013-2015 and for the completion of development programs which have been already launched and are now in progress. The Government targets to maintain an 8 percent economic growth rate while containing the annual inflation rate under 7 percent.

It will be the 67th budget to be presented in Parliament since 1947 and the 35th budget of the Democratic Socialist Republic of Sri Lanka.

The budget will aim at bringing down the deficit from 6.8 percent of the Gross Domestic Product to 6.1 percent. It is also expected to maintain an 8 percent growth rate next year. State investments will be maintained at 6.5 percent of the GDP, informed Government sources told the Sunday Observer.

They said President Mahinda Rajapaksa in his capacity as Finance and Planning Minister and the General Treasury had consulted each line Ministry and other stakeholders to prepare the Appropriation Bill 2013 to formulate a realistic budget.

Economic analysts and top corporate and business personalities anticipate a business and investor-friendly Budget. Budget 2013 is also aimed at rapid economic development and the Government has taken policy decisions to protect local products and local entrepreneurs.

The second reading on the Appropriation Bill which will commence on November 9 will continue till November 17 (seven allotted days).

The Second reading will take place on November 17 at 6.00pm. The Committee stage debate will begin on November 19 and continue till December 8 (16 allotted days).

The Third Reading will be held on December 8 at 6.00pm.