Public Finance Data and Analysis
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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 |
|
Sources
Department of Government Information, Sri Lanka 'Cabinet Decisions - 25 November 2024' at https://www.dgi.gov.lk/news/cabinet-decisions/4714-cabinet-decisions-25-11-2024 [last accessed 18 December 2024].
Parliament of Sri Lanka 'Order Paper of Parliament - 4 December 2024' at https://parliament.lk/uploads/documents/orderpapers/1733334762034758.pdf [last accessed 18 December 2024].
Research by: Emaad Rizwan and Anushan Kapilan
Visualisation By: Sadini Galhena
