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The second reading of the 2012 budget will be presented to Parliament on November 21, according to a Cabinet decision. The first reading of the appropriation bill will be on October 18.
The Appropriation Bill for the Financial Year 2012 submitted by the President, in his capacity as the Minister of Finance and Planning, was approved for presentation in Parliament, after publishing it in the Government Gazette.
Accordingly the first reading of the Appropriation Bill will be on Oct 18th and the presentation of the Budget in Parliament (2nd Reading) will be on Nov 21.
“Budget Estimates for 2012 are to be prepared with the aim of containing the budget deficit at 6.2 percent of the GDP in order to ensure that economic development is maintained at 8 percent and the rate of annual inflation at 6 to 7 percent.
The total estimated expenditure for 2012 is to be Rs.2220 billion, necessitating an increase in Recurrent Expenditure from Rs.1 029 billion in 2011 to Rs.1109 billion in 2012, and the Capital Expenditure from Rs.938 billion to Rs.1111 billion. The total revenue will be Rs 1,115 billion. Public Investment has increased from Rs.453 billion in 2011 to Rs.541 billion in 2012 in order to maintain the momentum in the growth rate of 8 percent.” a release on the decisions taken by the Cabinet stated.
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