The federal government has invested only 53% of the welfare budget assigned for the year within the very first 8 months approximately August, according to a report.A most current report from the Ministry of Finance indicates that the well-being budget plan has primarily been used to money the â $ Aswesumaâ $ well-being program.Meanwhile, the report also mentions that Sri Lanka is expected to get 1.69 billion US dollars in loans from multilateral firms within the next 3 to 5 years.In the Pre-election financial report by the Finance ministry, it is reported that, since the end of August 2024, foreign advancement partners and financing agencies have participated in 10 arrangements with the government for foreign funding amounting to 398.7 million United States dollars.Of this quantity, 350 million dollars has actually been secured in the kind of loans.Another 48.7 million dollars has been obtained through 7 grant contracts with the federal governments of Japan and Australia under main development assistance.Meanwhile, total foreign funding dispensations approximately August 2024 total up to 1.01 billion dollars, of which 994.4 million dollars has actually been paid out as loans while 11.3 million has been provided as grants.The Asian Development Bank has disbursed 358.3 million dollars to Sri Lanka as much as August 2024, a little surpassing the International Monetary Fund, which has actually offered 334 million dollars in budget assistance loans.
The World Bank has contributed 239.8 million dollars.The ADB and World Bank have connected their budget plan support loans to Sri Lankaâ $ s IMF program from last year.A considerable portion of the disbursements has been made use of in the budget assistance sector, accounting for 33% of the total disbursements.The power and energy sector has used 13%, while the SME advancement sector has actually received 10%, and the finance sector has utilized 7%.
Furthermore, the report mentioned that there is another 1.69 billion dollars in loans from multilateral firms that has not yet been paid out, and these funds are anticipated to be available in the next 3 to 5 years.The report also revealed that only 53% of Sri Lankaâ $ s well-being budget has actually been made use of in the very first 8 months of 2024.
According to the report data 562.4 billion rupees out of the well-being allocated 1,055.7 billion has actually been invested during this period.The previous government increased the welfare budget by 15.3% this year compared to the actual expense of 915.4 billion rupees in 2023, as per the data, following the IMF recommendations.Of the overall 562.4 billion rupees spent in the first 8 months, 112.7 billion went to the â $ Aswesumaâ $ hardship relief program, 9.5 billion for school nutrition, 4.4 billion for school textbooks and uniforms, and 24.2 billion for fertilizer aids.