02.02 pm :
Parliament has been adjourned. The debate on the second reading of the Appropriation Bill for the fiscal year 2024 will commence on Tuesday (Nov 14) at 9.30 am.
02.00 pm :
The President says in order not to fall back into a crisis, the economic and political system of Sri Lanka must be created anew.
He further said that a new social consensus should be established and that this budget document has been presented to lay the foundation for it.
“We can no longer become a nation dependent on others. I request all the parties of this House to join the work order to rebuild the country. If there is a better program than ours, present it to this House in detail. Let’s discuss. Let’s implement the most suitable program. Let’s inherit a proud title for our future generations,” the President added, concluding his Budget speech.
01.54 pm :
The President proposes introducing a simple policy and regulatory framework to facilitate the gig economy and e-commerce transactions.
He said this will also include cross-border transactions, covering payment systems, fiscal revenue, and employee welfare.
01.52 pm
The President says Tax Identification Number will be made a mandatory requirement to
(a) Open bank current account at any bank;
(b) Obtain approval for a building plan, by the applicant
(c) Register a motor vehicle or renew license, by the owner
(d) Register a land or title to a land, by the buyer
01.51 pm :
President Ranil Wickremesinghe says one billion rupees will be allocated for the adoption of a new law regarding the tourism sector.
He further said Rs. 750 million will be allocated for the development of Provincial Tourism Boards.
01.47 pm :
Unveiling the Budget 2024, the President says Rs. 3 Billion will be allocated to establish a National Center for Artificial Intelligence to ensure an economic and social transformation, based on the latest trends in digital technology, and artificial intelligence.
01.45 pm :
The President proposes to establish new investment zones centered in Hambantota, Jaffna, Trincomalee, Bingiriya, and Kandy.
01.39 pm :
Revealing details on law reforms, President Ranil Wickremesinghe says 60 new laws are to be introduced while other laws will be amended to support the progress of the country.
01.35 pm :
Unveiling the Budget 2024, the President says budget allocations are necessary to settle existing debt, and the borrowing limit needs to be increased.
The President said, accordingly, he proposes to raise the borrowing limit from Rs. 3,900 billion to Rs. 6,250 billion, an increase of Rs. 3,350 billion.
01.34 pm :
The President proposes that 20 per cent of the shares of the two large state-owned banks should be given to strategic investors or the public to improve capital and support the future growth of the two state-owned banks to reduce the burden on taxpayers’ funds.
01.32 pm :
The President says under the debt restructuring supported by the International Monetary Fund (IMF), Sri Lanka’s public debt as a percentage of GDP is expected to be reduced from 128% in 2022 to 95% in 2032.
01.31 pm :
Presenting the Budget 2024, the President says an additional allocation of Rs. 55 billion will be directed towards completing projects that were temporarily halted due to the economic crisis.
01.27 pm :
The President says the government is to call for proposals from local and foreign investors to establish Station Plaza or Railway Station Towns as mixed development projects based on Public Private Partnership focusing on railway stations in metropolitan areas such as Pettah, Galle, Matara, Anuradhapura, Jaffna and tourist destinations.
01.24 pm :
As a complementary work to the establishment of the Maha Vihara University, the President proposes the establishment of a modern international library in Anuradhapura.
He said the objective of this library is to secure archaic documents from international Buddhist countries and provide facilities to scholars who want to use them for their research purposes.
The President said it is expected to implement this programme within the 3-year time frame and Rs. 100 million will be allocated for the next year.
President Ranil Wickremesinghe also announced that focusing on the Buddhist civilization of Sri Lanka, he expects to establish a Sri Lankan Buddhist Museum for research activities as well as for cultural promotion activities.
He said there are such Museums in different countries related to different civilizations that are utilized for research and tourist attraction.
The President proposed that Rs. 200 million will be allocated in the next year to establish the museum, which is expected to be built in several phases. “Our ambition is to make Sri Lanka a Buddhist tourist center through these Activities,” he added.
01.21 pm :
Commenting on the development of cricket, the President said cricket in Sri Lanka is currently facing an institutional crisis and a shortage of talent.
He further said Rs. 1.5 billion will be allocated from this budget for the development of school cricket and for providing necessary facilities for cricket players at the provincial level.
The President went on to say that schools and provinces with fewer facilities are given priority in providing this allocation.
01.18 pm :
The President announced that a comprehensive series of education reforms are to be introduced.
He said the Sri Lanka Institute of Information Technology (SLIIT), Horizon Campus, and the Royal Institute are to be elevated to universities.
The President further said the University Grants Commission and Tertiary and Vocational Education Commission will be merged to establish the National Higher Education Commission.
01.16 pm :
The President says the government expects to utilize the Colombo Port to meet the supply needs of South West India and the Trincomalee Port to meet the supply needs of South East India.
01.14 pm :
The President says Rs. 2,500 million has been allocated to develop the fisheries and agriculture sectors, Rs. 100 million to develop medical tourism and Rs. 11,250 million for district coordinating committees to recommence the decentralized budget program.
01.12 pm :
The President announced that a pilot project of running 200 electric buses will be started jointly with the Sri Lanka Transport Board in the Western Province.
01.11 pm :
Presenting the Budget 2024, the President says as soon as the foreign debt restructuring process is completed, the second phase of the Central Expressway, i.e. the section from Kadawatha to Mirigama, will be started jointly with China.
“We hope to get the support of Japan for the construction of the section from Kurunegala to Galagedara. We are planning to find out whether it is possible to build the highway up to Katugastota,” he revealed.
01.09 pm :
The President says although there have been discussions on various scales for some time, the construction of the Hingurakgoda International Airport has not been implemented.
He further said, therefore, for its basic activities, Rs. 2 billion will be allocated for 2024.
01.08 pm :
During the presentation of the 2024 budget, the President noted that despite Sri Lanka experiencing a primary budget deficit of 5.7% of the GDP in 2021, there was a turnaround and the country achieved a surplus in the first half of 2023.
01.02 pm :
Announcing plans for the Health Sector, the President assured the shortcomings will be identified and addressed.
He further revealed that guidelines will be issued, and a separate institution will be established for the medicine procurement process.
12.59 pm :
President Ranil Wickremesinghe says it is necessary to develop a national programme to enhance English literacy in Sri Lanka.
He said this programme aims to provide English literacy to all by 2034, adding that Rs. 500 million has been allocated to start this ten-year programme.
12.57 pm :
The President has announced the establishment of four new universities. They are;
Seethawaka Science and Technology University
Kurunegala Technology University under the Kotalawala Defence University
Management and Technology University
International Climate Change University
The President expressed hope to triple the current number of universities over the next few years, adding that plans are underway to attract not only local but also foreign students.
12.53 pm :
President Ranil Wickremesinghe says government pensioners will receive a monthly Cost of Living Allowance increment of Rs 2,500, with a total allocation of Rs 386 billion earmarked for pensions in 2024.
12.51 pm :
Unveiling the Budget 2024, the President announced Rs. 4 billion has been allocated to help citizens of the estate sector granting them land ownership and assisting housing development.
12.49 pm:
President Ranil Wickremesinghe has revealed that Rs. 50 billion has been allocated to assist Small and Medium Enterprises (SMEs).
He said a special loan scheme will be introduced with the assistance of the Asian Development Bank to support SMEs.
12. 48 pm :
The President announced that allowances for Senior citizens have been increased to Rs. 3,000, covering 530,000 citizens.
He further said Rs. 205 billion has been allocated for benefit programs targeting disabled individuals, CKDU patients, and senior citizens.
12.43 pm :
The President underscored that the losses incurred by public enterprises burden the public entirely.
He criticized political groups that persist in placing this burden on the people under the guise of national resources, asserting that such actions are hindering the progress of the country.
12.42 pm :
President Ranil Wickremesinghe highlighted several proposals in the current year’s budget aimed at addressing shortcomings, including long-standing issues like tax evasion.
He expressed the belief that with increased state revenues, there would be room to offer more tax concessions compared to the present scenario.
12. 41 pm :
The President acknowledged the consistent borrowing from state banks to offset the losses incurred by financially struggling state entities like the Ceylon Electricity Board (CEB) and the Ceylon Petroleum Corporation (CPC).
He underscored the necessity of utilizing taxpayers’ money to safeguard the stability of banks, preventing their weakening and potential collapse.
12.40 pm :
President Ranil Wickremesinghe highlighted that the government allocates Rs. 383 billion monthly for three primary expenditures.
This includes Rs. 93 billion for public sector salaries, Rs. 30 billion for ‘Aswasuma’, medicines & pensions, and Rs. 220 billion to cover loan interest payments.
12.39 pm :
The President emphasized that unless state income is increased from 10% to 15% of the GDP, the country faces the risk of economic challenges once again.
He noted that addressing this issue goes beyond simple & appealing promises made by certain groups.
12.37 pm :
Unveiling the Budget 2024, President Ranil Wickremesinghe announced a Rs 10,000 allowance for State Sector employees.
He explained that the Cost of Living Allowances of State employees had been increased from Rs. 7,800 to Rs. 17,800, an increase of Rs. 10,000.
The President said that the increased Rs. 10,000 will be added to the salary from April 2024 and the arrears due from January to March will be paid in instalments from October 2024 in 06 months.
12.35 pm :
During the presentation of the Budget 2024, the President highlighted the prevention of hyperinflation, attributing the country’s rescue to the successful reduction of the inflation rate to a single digit.
He said inflation had been reduced to 1.5 by October this year.
The President further said Sri Lanka has increased its foreign reserves to USD 3.5 billion.
12. 31 pm :
The President says he is against the concept of increasing salaries without the means to boost state revenue.
President Ranil Wickremesinghe also stressed the need to minimize state sector expenditure, especially with State-Owned Enterprises (SOEs).
12. 28 pm :
President Ranil Wickremesinghe says Sri Lanka has thus far managed to finance the gap between state revenue and expenditure, highlighting the need to meet state revenue needs amounting to Rs. 3,415 billion.
The President further said Sri Lanka has earned only Rs. 2015 billion in tax revenue in the first nine months of 2023.
12.21 pm :
Unveiling the 2024 budget, President Ranil Wickremesinghe pledged his commitment to humbly identify the shortcomings encountered in the journey thus far and rectify them.
12.19 pm :
The President affirmed that persisting on the challenging course would lead to the creation of a more favourable economic environment.
Reflecting on the past year, he expressed absolute confidence that the country is unequivocally on the correct trajectory.
12.17 pm :
Presenting the 2024 budget, President Ranil Wickremesinghe urged a cessation of spreading political illusions.
He called upon everyone to wholeheartedly commit to the country’s betterment, emphasizing a shift from political considerations to a sincere focus on the nation’s well-being.
12.15 pm :
Highlighting a pragmatic perspective, the President emphasized that advancing a nation requires more than mere fairy tales.
He underscored that the prolonged reliance on election promises by political parties has historically led to the economic bankruptcy of the country.
The President added that regrettably, some factions within the nation have yet to grasp the gravity of this situation.
12.11 pm :
Unveiling the 2024 budget, President Ranil Wickremesinghe asserted that Sri Lanka’s economy, which had faced setbacks, successfully regained momentum in the previous year.
The President said despite the collective efforts of hardworking individuals, there were others who attempted to hinder the nation’s progress.
12.04 pm :
President Ranil Wickremesinghe has commenced the presentation of the Appropriation Bill for the fiscal year 2024 in Parliament.
The President is presenting the Budget 2024 in his capacity as the Minister of Finance of Sri Lanka.
11.45 am :
President Ranil Wickremesinghe has arrived in Parliament where he is scheduled to present the Appropriation Bill for the fiscal year 2024.
11.00 am :
The Cabinet of Ministers has approved the 2024 budget proposals during a meeting held this morning.