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Government introduces new expenditure and relief through supplementary budget
On 05 December 2024, the government presented supplementary estimates totalling LKR 219.4 billion for the year, which was not included in the original 2024 budget. Supplementary allocations are typically introduced to address unforeseen emergency expenditures or to adjust the categorisation of existing allocations. Despite this new spending, the government has assured that it remains within the expenditure and debt limits established in the 2024 Budget. A significant portion of the funding—LKR 188.9 billion (86%)—comes from the government’s own resources, while the remaining LKR 30.5 billion (14%) is provided by foreign entities. Of the total, LKR 130 billion is designated to cover interest subsidies on Ceylon Petroleum Corporation's (CPC's) debt. This allocation, according to the government, represents a reclassification of the interest loss component from the previously incurred LKR 450 billion used to recapitalise banks impacted by CPC's debt restructuring. Exhibit 1: Details of all supplementary allocations including agency to which is allocated # Supplementary Allocation Agency Estimate (LKR Million) 1 To Public Enterprise to pay interest subsidies for restructuring Ceylon Petroleum Corporation's debt. Department of Public Enterprise 130,000 2 To help banks cover extra interest costs for senior citizen savings. Department of Development Finance 32,641 3 To the Treasury Operations to cover exchange losses on dollar accounts due to a stronger rupee. Department of Treasury Operations 18,000 4 To account for the fuel donated by Japan for health sector needs and customs duty payments. Minister of Health 10,826 5 To cover the cost of school uniform fabric donated by China. Minister of Education 9,829 6 To the Air Force to cover the value of two airplanes from the USA and related taxes. Sri Lankan Airforce 8,331 7 To the Ministry of Finance to reimburse payments to consultants for debt restructuring. Minister of Finance, Economic Stabilization and National Policies 3,213 8 To increase the daily allowance for students’ school nourishment program from Rs. 85 to Rs. 110. Minister of Education 1,800 9 To help small-scale fishermen in the north and east through aid from China. Minister of Fisheries 1,533 10 To increased pension allowances for retirees. Department of Pensions Operations Activities 1,400 11 To cover rising food costs and more inmates in prisons. Department of Prisons 1,400 12 To increase provision to the Ministry of Defence to compensate for restoring properties damaged by natural disasters. Minister of Defence 400 Total 219,373
Featured Insight
Government introduces new expenditure and relief through supplementary budget
On 05 December 2024, the government presented supplementary estimates totalling LKR 219.4 billion for the year, which was not included in the original 2024 budget. Supplementary allocations are typically introduced to address unforeseen emergency expenditures or to adjust the categorisation of existing allocations. Despite this new spending, the government has assured that it remains within the expenditure and debt limits established in the 2024 Budget. A significant portion of the funding—LKR 188.9 billion (86%)—comes from the government’s own resources, while the remaining LKR 30.5 billion (14%) is provided by foreign entities. Of the total, LKR 130 billion is designated to cover interest subsidies on Ceylon Petroleum Corporation's (CPC's) debt. This allocation, according to the government, represents a reclassification of the interest loss component from the previously incurred LKR 450 billion used to recapitalise banks impacted by CPC's debt restructuring. Exhibit 1: Details of all supplementary allocations including agency to which is allocated # Supplementary Allocation Agency Estimate (LKR Million) 1 To Public Enterprise to pay interest subsidies for restructuring Ceylon Petroleum Corporation's debt. Department of Public Enterprise 130,000 2 To help banks cover extra interest costs for senior citizen savings. Department of Development Finance 32,641 3 To the Treasury Operations to cover exchange losses on dollar accounts due to a stronger rupee. Department of Treasury Operations 18,000 4 To account for the fuel donated by Japan for health sector needs and customs duty payments. Minister of Health 10,826 5 To cover the cost of school uniform fabric donated by China. Minister of Education 9,829 6 To the Air Force to cover the value of two airplanes from the USA and related taxes. Sri Lankan Airforce 8,331 7 To the Ministry of Finance to reimburse payments to consultants for debt restructuring. Minister of Finance, Economic Stabilization and National Policies 3,213 8 To increase the daily allowance for students’ school nourishment program from Rs. 85 to Rs. 110. Minister of Education 1,800 9 To help small-scale fishermen in the north and east through aid from China. Minister of Fisheries 1,533 10 To increased pension allowances for retirees. Department of Pensions Operations Activities 1,400 11 To cover rising food costs and more inmates in prisons. Department of Prisons 1,400 12 To increase provision to the Ministry of Defence to compensate for restoring properties damaged by natural disasters. Minister of Defence 400 Total 219,373
Featured Insight
Government introduces new expenditure and relief through supplementary budget
On 05 December 2024, the government presented supplementary estimates totalling LKR 219.4 billion for the year, which was not included in the original 2024 budget. Supplementary allocations are typically introduced to address unforeseen emergency expenditures or to adjust the categorisation of existing allocations. Despite this new spending, the government has assured that it remains within the expenditure and debt limits established in the 2024 Budget. A significant portion of the funding—LKR 188.9 billion (86%)—comes from the government’s own resources, while the remaining LKR 30.5 billion (14%) is provided by foreign entities. Of the total, LKR 130 billion is designated to cover interest subsidies on Ceylon Petroleum Corporation's (CPC's) debt. This allocation, according to the government, represents a reclassification of the interest loss component from the previously incurred LKR 450 billion used to recapitalise banks impacted by CPC's debt restructuring. Exhibit 1: Details of all supplementary allocations including agency to which is allocated # Supplementary Allocation Agency Estimate (LKR Million) 1 To Public Enterprise to pay interest subsidies for restructuring Ceylon Petroleum Corporation's debt. Department of Public Enterprise 130,000 2 To help banks cover extra interest costs for senior citizen savings. Department of Development Finance 32,641 3 To the Treasury Operations to cover exchange losses on dollar accounts due to a stronger rupee. Department of Treasury Operations 18,000 4 To account for the fuel donated by Japan for health sector needs and customs duty payments. Minister of Health 10,826 5 To cover the cost of school uniform fabric donated by China. Minister of Education 9,829 6 To the Air Force to cover the value of two airplanes from the USA and related taxes. Sri Lankan Airforce 8,331 7 To the Ministry of Finance to reimburse payments to consultants for debt restructuring. Minister of Finance, Economic Stabilization and National Policies 3,213 8 To increase the daily allowance for students’ school nourishment program from Rs. 85 to Rs. 110. Minister of Education 1,800 9 To help small-scale fishermen in the north and east through aid from China. Minister of Fisheries 1,533 10 To increased pension allowances for retirees. Department of Pensions Operations Activities 1,400 11 To cover rising food costs and more inmates in prisons. Department of Prisons 1,400 12 To increase provision to the Ministry of Defence to compensate for restoring properties damaged by natural disasters. Minister of Defence 400 Total 219,373
Featured Insight
Government introduces new expenditure and relief through supplementary budget
On 05 December 2024, the government presented supplementary estimates totalling LKR 219.4 billion for the year, which was not included in the original 2024 budget. Supplementary allocations are typically introduced to address unforeseen emergency expenditures or to adjust the categorisation of existing allocations. Despite this new spending, the government has assured that it remains within the expenditure and debt limits established in the 2024 Budget. A significant portion of the funding—LKR 188.9 billion (86%)—comes from the government’s own resources, while the remaining LKR 30.5 billion (14%) is provided by foreign entities. Of the total, LKR 130 billion is designated to cover interest subsidies on Ceylon Petroleum Corporation's (CPC's) debt. This allocation, according to the government, represents a reclassification of the interest loss component from the previously incurred LKR 450 billion used to recapitalise banks impacted by CPC's debt restructuring. Exhibit 1: Details of all supplementary allocations including agency to which is allocated # Supplementary Allocation Agency Estimate (LKR Million) 1 To Public Enterprise to pay interest subsidies for restructuring Ceylon Petroleum Corporation's debt. Department of Public Enterprise 130,000 2 To help banks cover extra interest costs for senior citizen savings. Department of Development Finance 32,641 3 To the Treasury Operations to cover exchange losses on dollar accounts due to a stronger rupee. Department of Treasury Operations 18,000 4 To account for the fuel donated by Japan for health sector needs and customs duty payments. Minister of Health 10,826 5 To cover the cost of school uniform fabric donated by China. Minister of Education 9,829 6 To the Air Force to cover the value of two airplanes from the USA and related taxes. Sri Lankan Airforce 8,331 7 To the Ministry of Finance to reimburse payments to consultants for debt restructuring. Minister of Finance, Economic Stabilization and National Policies 3,213 8 To increase the daily allowance for students’ school nourishment program from Rs. 85 to Rs. 110. Minister of Education 1,800 9 To help small-scale fishermen in the north and east through aid from China. Minister of Fisheries 1,533 10 To increased pension allowances for retirees. Department of Pensions Operations Activities 1,400 11 To cover rising food costs and more inmates in prisons. Department of Prisons 1,400 12 To increase provision to the Ministry of Defence to compensate for restoring properties damaged by natural disasters. Minister of Defence 400 Total 219,373
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During the first four months of 2022 the cumulative loss of State-Owned Enterprises (SOEs) amounted to LKR 860 BN. This figure outweighs the annual loss of SOEs in 2021. The top 3 contributors to the increase of the...
2022-08-09
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