Budget 2024: Expert Says a Substantial 86% of Total Budget Divided Among 08 Ministries Creating Serious Imbalance

Professor Wasantha Athukorala from the Peradeniya University's Department of Economics and Statistical Studies shed light on the allocation of funds in the Appropriation Bill submitted to Parliament for the forthcoming fiscal year. The professor's analysis revealed intriguing insights into the distribution of the budget, emphasizing the priorities and financial commitments of the Sri Lankan government.

According to Professor Athukorala who spoke to vernacular media about this issue, the budget appropriation foresees that a substantial 86 percent of the total funding will be channeled towards just eight ministries in the upcoming year. In stark contrast, less than 14 percent of the budget is set aside for twenty-one ministries.

Of particular interest, it was highlighted that a significant 42 percent of the entire budget is allocated to just two ministries, signaling the extent of resources dedicated to these key areas. Notably, a substantial sum of 56,5000 million rupees is earmarked for national security, comprising 15 percent of the overall budget.

In contrast, education, a crucial sector, receives a mere 237000 million rupees, which is less than half of the security budget. This allocation discrepancy raises questions about the balance between security and education in the government's fiscal priorities.

Healthcare, another vital sector, is allocated 440000 million rupees, which, when compared to defense expenditures, reveals a gap in funding despite the growing importance of healthcare infrastructure and services.

Professor Athukorala pointed out that the total expected expenditure for the 29 Government Ministries and Special Expenditure Unit amounts to a substantial 386,0000 million rupees. This represents an increase of 203000 million rupees compared to the previous year, indicating the government's commitment to enhancing various sectors and services.

Additionally, the professor highlighted that the Forest Appropriation Bill for the upcoming year suggests a concerning collapse, indicating the severity of the economic crisis that Sri Lanka currently faces. The allocation and prioritization of budget resources reflect the challenges and choices faced by the government in these critical times.