Sri Lanka President seeks suggestions from State Banks to prepare 2012 budget

Sri Lanka President Mahinda Rajapaksa who is preparing to formulate the budget for the next year sought opinions and suggestions from the state banks during a meeting with the heads and director boards of state banks at Temple Trees yesterday.

The top officials of each bank apprised the President with the progress at their institutions in the first half of the year.
During the meeting with the President, the bank executives also discussed the measures that needed to be taken by the banks to make the structural changes to be implemented in the country by the year 2015.
Sri Lanka plans to reduce its budget deficit in 2012 while maintaining a sound economic growth of at least 8 percent and a single digit inflation rate within a range of 6 to 7 percent.

The President as Minister of Finance and Planning has already submitted to the Cabinet a broad framework for the preparation of the 2012 Budget based on the medium term expenditure framework of 2012- 2014.

As a policy, the President seeks the opinions and suggestions from various sectors before formulating the budget.

In line with this policy, the President also plans to meet representatives of trade unions on Thursday to obtain their opinions and suggestions.

The state-run radio Sri Lanka Broadcasting Corporation said the President has already obtained the views of the farmer organizations and several other sectors.

Senior Minister for International Monetary Cooperation Dr. Sarath Amunugama, Economic Development Minister Basil Rajapaksa, Deputy Finance Minister Geethanjana Gunawardena, Finance Ministry Secretary Dr. P.B. Jayasundara and Central Bank Governor Dr. Ajith Nivard Cabraal also participated in the meeting.