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Budget 2018 to be prepared on performance based budgeting

(UDHAYAM, COLOMBO) – Minister of Finance and Mass Media Mangala Samaraweera presented a proposal to the Cabinet of Ministers to prepare the Budget 2018 on performance based budgeting.

According to the proposal, the Macro – Public Finance Framework for preparation of Budget 2018 aims to achieve several targets in 2020 including increasing the public income up to 16.5% of Gross Domestic Product (GDP), recurrent expenditure to be 14.8% of the GDP, public investment to be 5.3% of GDP, reducing budget deficit to 3.5% of GDP, and reducing public debt to 70% of GDP.

Accordingly, the proposal made by Minister Samaraweera to prepare Budget 2018 on performance based budgeting according to midterm budget framework 2018 – 2020 and to determine budget limits for line Ministries considering priority programmes of the Government, was approved by the Cabinet of Ministers this week.

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