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Aug 18, 2011 10:51:48 AM - itnnews.lk

The 2012 budget will be crafted targeting many development benefits, including economic growth. Minister Keheliya Rambukwella said that the set of proposals related to the budget and presented by the President received the nod of the Cabinet.

The Minister said that a broad framework for the preparation of the Budget for the year 2012 based on the Medium Term Expenditure Framework of 2012- 2014 was presented. Accordingly approval was granted for the General Treasury to proceed with the preparatory work of the budget 2012 focusing on several parameters. These included the maintenance of an eight percent economic growth. Inflation had to be within a range of 6 to 7 per cent.

The Minister said the budget deficit was to be reduced to 6.2 % from 6.8 % of GDP. The total debt target was to be reduced to 75% from the current 80 % of GDP. He pointed that it was also decided that in line with the current economic policy, public investment should be maintained at least at 6 percent of the GDP.