Monday 27 October 2014

Sri Lanka outlines 12% defence budget increase

Sri Lanka outlines 12% defence budget increase

Jon Grevatt, Bangkok - IHS Jane's Defence Industry 
28 September 2014
 
The Sri Lankan government proposed on 26 September a 2015 defence budget of LKR 285 billion (USD2.18 billion), a 12% increase over military spending in 2014.

The allocation - contained in the government's 2015 appropriation bill - amounts to about 16% of the total expenditure for the year and about 2% of national GDP.

The government provided no comment or supporting information about the defence budget, although unidentified official sources cited in local media said the increase was the first step of a drive to boost the defence budget to LKR370 billion by 2017.

ANALYSIS
While this pledged increase is significant, Sri Lanka's military will not be the sole beneficiary of investment.

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