Government's Proposal To Issue Rs.400 Million Treasury Bills Has Been Defeated At The Parliament

In side The Parliament 

The proposal tabled by the Finance Minister Ravi Karaunanayake to issue Rs.400 million worth treasury bills to increase the government revenue has been defeated today(07) at the Parliament with majority of 21 votes.52 MP's have been voted against the proposal while only 31 MP's have voted in favor of it.

The government has expected to increase it's revenue through the issuing of treasury bills and increasing local borrowings as the revenue has  decreased when comparing to the government's expenditure .Due to the recent pay hikes offered to the government workers and price reduction of several essential goods government revenue has been decreased according to the government sources.

As the opposition is stronger in the Parliament than the government the defeating of the said proposal has become a big blow to the government at the time it search the ways to increase revanue.