A Cabinet meeting on the 2017 Budget will be held today, Cabinet Spokesman Rajitha Senaratne said yesterday.
Earlier yesterday Finance Minister Ravi Karunanayake said that he will present the third budget of the government at 2 p.m. in Parliament today. He had earlier this week discussed the proposals with former Finance Minister Ronnie de Mel .
"Minister Karunanayake said the government was trying to cap the fiscal deficit at 3.5 per cent of GDP by 2020 and has targeted a 4.7 per cent deficit for 2017.
GDP has increased to
Rs 11,183 billion (US$ 82.3 B) in 2015 from Rs 6,414 billion (US$ 56.7B) in 2010. Sri Lanka has a new phenomenon in its expenditure chain where a sizeable portion goes to social welfare and subsidies. Next year's budget allocates Rs 380 billion for welfare and subsidies, Ceylon Today earlier reported.