Lanka hikes defence expenditure in 2014 budget estimates

The Sri Lankan government today presented its spending estimates in parliament ahead of unveiling the 2014 budget next month, with figures showing a marginal hike in defence expenditure that was pegged at Rs 253 billion.
The defence and urban development ministry's allocation has risen to Rs 253 billion (USD 1.95 billion) which is higher than the Rs 249 billion budgeted for 2013.
The finance ministry has the next highest allocation of Rs 117 billion followed by the health ministry with an allocation of Rs 106 billion.
The defence and police together account for nearly 12 per cent of the government's total estimated spending.

The budget is to be unveiled on November 21 by President Mahinda Rajapaksa who is also the finance minister.
Sri Lanka's economy recorded 8 per cent growth for the first two full years since the end of the country's civil war in 2009.
The growth however receded to 6.4 per cent last year.
This year's growth is estimated at 7.5 per cent and total government expenditure is estimated at Rs 1,542 billion.