The Government yesterday presented a Bill to Parliament to amend the Appropriation Act No. 7 of 2020 to increase the borrowing limit of Rs. 2,997 billion to Rs. 3397 billion.
Cabinet gave approval last month to a proposal by Finance Minister Basil Rajapaksa to increase the borrowing limit for 2021 in view of decrease of the Government revenue due to the situation that has arisen in the wake of COVID-19, expenses in the health sector and ensuring the social security of those who lost their income and other related expenses.
The Bill increases the borrowing limit by Rs. 400 billion.
(FT)