Govt plans to bring down budget deficit to 4.6% of GDP

November 21, 2024

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Budget - 2015

Govt plans to bring down budget deficit to 4.6% of GDP ^Featured

October 25, 2014

International Monetary Cooperation Senior Minister and Deputy Finance Minister Dr Sarath Amunugama said in Parliament today that the government plans to bring down the budget deficit to 4.6 percent of the GDP.

Second reading stage debate on the Budget 2015 commenced today. The debate was commenced by UNP Colombo District MP Ravi Karunanayake.

The Minister participating in the debate said: “We keep reducing the gap between expenditure and revenue. The budget deficit which had been 9.9 percent of the GDP in 2009 was reduced to 5.98 percent in 2013 and 5 percent in 2014. The country experienced a 7.3 percent economic growth rate last year. First quarter of this year it stood at 7.4 percent. We expect this figure would be around 7.8 percent at the end of current year. The President has taken necessary actions to take the country to 7.5 percent to 8 percent economic growth within a short term economic development frame.”

“We have managed to keep the inflation rate between 5.5 percent to 6 percent, and it is our target to reach a per capita income of US $ 7,000 to 10,000. The foreign reserves have reached 10 billion US dollars and that was an unprecedented figure. International bodies such as the International Monetary Fund and the Asian Development Bank have lauded our economic policies,” the Minister said. (Special Reporter/HC)