The necessary provisions for incurring and accounting for certain essential expenses in the coming period of the year 2024 should be made through a Supplementary Estimate, Cabinet Spokesman, Minister Dr. Nalinda Jayatissa said during the today’s Cabinet press conference.
The Minister highlighted that accordingly, certain identified expenses can be made through provision adjustments within the approved expenditure estimate for 2024, and the relevant adjustments can be made without exceeding the overall expenditure limits approved by the Appropriation Act for the year 2024 and without affecting the maximum borrowing limit of the government.
Thus, the Cabinet of Ministers has approved the proposal made by the President, in his capacity as the Minister of Finance, Planning and Economic Development, to submit to Parliament, by way of a resolution, a Supplementary Estimate of Rs. 219,373 million for the following purposes:
(i) Provision of Rs. 130,000 million to the Department of Public Enterprises to pay interest subsidy to banks due to the restructuring of the debt of the Ceylon Petroleum Corporation (CPC) transferred to the balance sheet of the Government of Sri Lanka,
(ii) Provision of Rs. 18,000 million to the Department of Treasury Operations to account for the exchange loss incurred on the balance of the dollar accounts held in the name of the Deputy Secretary to the Treasury due to the appreciation of the rupee against the US dollar.
(iii) Provision of Rs. 32,641 million to the Department of Development Finance to reimburse additional interest payments incurred by banks in providing special interest rates for senior citizens.
(iv) Provision of Rs. 9,829 million to the Ministry of Education to account for the value of school uniforms provided as a grant by the Chinese Government.
(v) Provision of Rs. 8,331 million to the Sri Lanka Air Force to account for the value of 02 aircraft received by the Sri Lanka Air Force as a grant from the United States of America and to pay taxes.
(vi) Provision of Rs. 1,400 million to the Department of Pensions to pay increased retirement allowances.
(vii) Provision of Rs. 3,213 million to the Ministry of Finance to reimburse payments made by the Central Bank of Sri Lanka to financial and legal advisors in connection with the debt restructuring process,
(viii) Provision of Rs. 1,533 million to the National Budget Department to provide additional provisions to the Ministry of Fisheries to account for the emergency assistance received from the Chinese Government to provide relief to small-scale fishermen in the Northern and Eastern Provinces.
(ix) Provision of Rs. 10.826 million to the National Budget Department to account for the value of fuel stocks received from the Japanese Government for the needs of the health sector and to provide additional provisions to the Ministry of Health to pay customs duties of Rs. 5,225.5 million.
( x ) Provision of Rs. 1,800 million to the National Budget Department to provide additional provisions to the Ministry of Education to increase the daily allowance for each student for the School Nutrition Program from Rs. 85/- to Rs. 110/-.
(xi) Provision of Rs. 400 million to the National Budget Department to provide additional provisions to the Ministry of Defense to pay compensation for the reconstruction of properties damaged due to natural disasters.
(xii) Provision of Rs. 1,400 million to the National Budget Department to provide additional provisions to the Prisons Department due to the increase in the cost of food and beverages due to the increase in the number of inmates in the prisons and the increase in the price of food.
-Ada Derena