Sri Lanka to present gov't budget

22:03, May 13, 2010      

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The Sri Lankan government which operated so far this year without a budget is to present a formal budget in June, a government spokesman said on Thursday.

"The budget will cover the expenditure of the rest of the year," Keheliya Rambukwella told reporters.

The announcement of the budget came after the International Monetary Fund (IMF) team arrived in the island state on Wednesday.

The IMF in February said they were holding back the release of the third tranche of the 2.6 bln dollar standby loan.

The IMF delay was based on the government's overshooting of expenditure.

The expenditure was over 9 percent of the GDP in 2009, well above the targeted 7 percent.



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