2027 Budget Preparations Begin: State Institutions Given Deadline To Submit Estimates

COLOMBO (News 1st): The preparation of budget estimates for the 2027 fiscal year has officially commenced.This is being carried out under National Budget Circular 02/2026.The Ministry of Finance stated that all ministries and state institutions have been informed that they must strictly adhere to the expenditure limits imposed under mandatory cost-cutting measures.In addition, stringent conditions have been imposed for new projects.Accordingly, proposals for new development projects must be submitted within the preliminary budget estimates.It has also been made mandatory to use the Integrated Treasury Management Information System (ITMIS) for submitting budget estimates and related data.The Ministry of Finance further announced that all state institutions must submit these estimates to the Department of National Budget by the 31st of this month.