Cabinet approves increase of national debt ceiling by another Rs. 400 billion

The Cabinet of Ministers approved the increase in the credit limit from Rs. 2,997 billion approved by Appropriation Law No. 7 of 2020 by another Rs. 400 billion to Rs. 3,397 billion.

The proposal was submitted by the Minister of Finance – Basil Rajapaksa.

The Cabinet also gave its agreement to take the necessary measures to amend Appropriation Law No. 7 of 2020.

The list of cabinet decisions released by the Department of Government Information says:

Amendments to Appropriation Act n ° 7 of 2020 – (subject n ° 31)

Appropriation Law No. 7 of 2020 approved a credit limit of Rs. 2,997 billion for the year 2021. However, the approved credit limit must be raised for the year 2021 due to the decline in government revenues. in the context of the situation due to the Covid -19 pandemic and the increase in spending in several other sectors, including health spending. as well as social security protection for those who have lost income, and having to make additional provisions for wages and other expenses due to loss of
income of institutions that receive salaries from their income. As a result, the Cabinet of Ministers approved the proposal submitted by the Minister of Finance to increase the credit limit from Rs. 2,997 billion approved by Appropriation Law No.7 of 2020 by another Rs. 400 billion to Rs. 3397 billion and to take the necessary measures to modify the said finance law.

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