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Cabinet has received approval to table in Parliament a bill to amend the Appropriation Act No. 30 of 2021 for 2022 to revise the original budget projections for the year as a result of the ongoing economic crisis.
Prime Minister Ranil Wickremesinghe, in his capacity as Minister of Finance, Economic Stabilization and National Policies, on Monday sought to revise the Budget Estimates enacted by the Appropriation Act No. 30 of 2021 for 2022 through the Bill drafted by the Legal Rapporteur and approved by the Attorney General.
After the publication of the bill in the State Gazette, it will be submitted to the National Assembly for approval.
The newly appointed Cabinet of Ministers on June 6 approved the presentation of a new budget for the year.
According to the initial budget estimates, revenue was expected at 2.3 trillion rupees and expenditure at
3.3 trillion rupees.
However, the Prime Minister expects actual revenue to fall to 1.6 trillion rupiah and spending to increase to 4 trillion rupiah, causing an additional budget deficit of 0.8 trillion rupiah.
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