Parliament approves proposal to increase local borrowings by Rs. 400 billion more

October, 20, 2015

Parliament approved the proposal to increase the government’s local borrowings by a further Rs. 400 billion through the issue of Treasury Bills.

With the approval of this proposal by Finance Minister Ravi Karunanayake, the limit of borrowings through the issue of Treasury Bills would increase from the current Rs. 850 billion to Rs. 1,250 billion.

Though this same proposal to increase government borrowings by another Rs. 400 billion by issuing Treasury Bills was introduced during the 100 days interim government, it was defeated.

However, with the proposal now being approved by Parliament the government could increase its local borrowings by an additional Rs. 400 billion.