Rajapaksa to present 2015 budget proposals for first reading today

Sri Lanka's President, Mahinda Rajapaksa, in his capacity as the Minister of Finance and Planning, will present the 2015 budget to parliament today for its first reading.

The President and Finance Secretary Dr. P.B. Jayasundara reviewed the budget proposals at the former's official residence-Temple Trees.

The 2015 budget proposals have been formulated targeting the next five-year period from 2015 to 2017.

According to the Lanka Page web site, the government says it focused on a Medium Term Budgetary Framework 2015 - 2017 mainly to ensure development by creating more livelihood and employment opportunities, food security, energy security and environmental safety with particular emphasis on low income and poor families.

According to the government, next year budget, which is focused on accelerating the development, will provide a wide array of concessions including reduction of fuel and gas prices and electricity tariff.

The government has estimated 1.812 trillion rupees (approximately US$ 14 billion) as expenditure for its services for the financial year of 2015.

The Appropriation Bill 2015 targets a budget deficit of 4.4 percent of gross domestic product (GDP) for the next year while expecting a growth rate of 8.2 percent.

The debate on the second reading of the budget will commence on October 25 and continue till November 1. The vote on Second Reading stage would be taken at 5 p.m. on November 1.

The committee stage debate on budget 2015 is scheduled to commence on November 3 and will continue daily except for Sundays till November 24. The final vote of the budget 2015 is scheduled to be taken at 5 p.m. on November 24.