The Appropriation Act No. 7 of 2020 to be amended to approve a credit limit of Rs. 3397 billion for the year 2021.
The Government said the approved credit limit has to be raised for the year 2021 due to declining Government revenue under the situation that has arisen due to the Covid -19 pandemic.
Increased expenditure in several other sectors, including health care expenditure as well as a social security protection for those who have lost income and having to make additional provisions for salaries and other expenses due to the loss of income of institutions which are paid salaries from their income have also been considered for the amendment of the Act.
Accordingly, the Cabinet has approved the proposal submitted by the Minister of Finance Basil Rajapaksa to increase the credit limit of Rs. 2997 billion approved by the Appropriation Act No. 7 of 2020 by another Rs. 400 billion to Rs. 3397 billion.
The Cabinet has also directed relevant authorities to take necessary steps to amend the said Appropriation Act. (NewsWire)