- National Budget for 2018 will be prepared on a Performance Basis
- For 2018, macroeconomic assumptions include, real GDP growth of 6 percent, inflation to stabilize at 5 percent level, and overall budget deficit to be contained at 4.3 percent of GDP.
Sri Lanka’s finance ministry will
focus on inclusion of key performance indicators (KPIs) for all budget
proposals from ministries when preparing the budget for 2018. All proposals by
line ministries, provincial ministries and the heads of departments should
include details of output of such projects accompanied with KPIs, as the Budget
2018 will be prepared on a “performance basis,” Treasury Secretary R.H.S
Samaratunga has said. “Priority would be given for ongoing and foreign funded
projects where KPI-based measurable outcomes are identified for each project,”
a finance ministry statement said.
For 2018, macroeconomic
assumptions include, real GDP growth of 6 percent, inflation to stabilize at 5
percent level, and overall budget deficit to be contained at 4.3 percent of
GDP, the finance ministry said. The “performance based” macro–fiscal framework
for 2018-2020 approved by the Cabinet of Ministers emphasizes the rationalization
of recurrent expenditure and prioritization of capital expenditure, while
enhancing the government revenue mobilization, public investment and reducing
the budget deficit and outstanding government debt. Capital expenditure
projects that have been earmarked for implementation by the National Planning
Dept for each ministry would also be given priority provided the plans of such
projects carry KPIs, Finance and Media Minister Mangala Samaraweera said.
Feasibility assessments of projects forwarded by various ministries are being conducted at the finance ministry with the participation of the secretaries of the respective ministries and the treasury secretary. The treasury secretary has requested all line ministry secretaries, provincial secretaries, heads of departments and heads of state-owned enterprises to submit their proposal without delay. Minister Samaraweera is expected to present the 2018 Budget in Parliament in November.
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