Rs. 14 b revenue loss for State in 2Q

State coffers have incurred a revenue loss of Rs. 14.2 billion during the second quarter compared to the first quarter of this year, the Government announced when moving its semi-annual financial performance report in Parliament.

According to the Minister of Lands and Parliamentary Reforms and Chief Government Whip Gayantha Karunatileka, state income, which stood at Rs. 445,250 million during the first quarter of 2017, has come down to Rs. 431,010 million by the end of the second quarter due to unavoidable reasons.

The report, which has taken a closer look at the transactions of state entities, indicates that 51 ministries have spent 67% of their budgetary allocations on debt servicing and these credits were obtained some time ago.

Even though eight months have passed, only two ministries were able to spend over 50% of their funds for meaningful purposes within the first six months of 2017.

The Ministry of Digital Infrastructure Development has spent only 3.9% of the total allocated amount while the Ministry of National Integration and Reconciliation has spent only 3.3% of the total allocation. The Ministry of Tourism has spent only 6.8% of the allocation while the Ministry of Public Enterprise Development has spent 5.9%. However, the Ministry of Power and Renewable Energy has come out on top of the list of ministries which utilised the allocations given to them. The ministry had utilised 70.4% of the allocation made to it. According to the report, the Ministry of Posts and Postal Services has spent 50.5% of the total budgetary allocation. (AH)