President Ranil Wickremesinghe has allocated Rs. 1,500 million for the “Greater Kandy Urban Development Program” in this year’s budget, State Minister for Provincial Council and Local Government Janaka Wakkambura announced. 

The State Minister disclosed that an allocation of Rs. 1,000 million has been allocated to facilitate tourists through the involvement of local authorities as part of a special project for the development of tourism.

These remarks were made during a Press Briefing held at the Presidential Media Centre (PMC) on Wednesday (29).

The State Minister further outlined plans for a comprehensive development program in the year 2024, stating that a substantial budget of over Rs. 34,000 million has been allocated to cover all nine provinces of the island. The objective is to complete these development works before December of the following year. 

Notably, a significant portion, amounting to Rs. 07,000 million, is dedicated to infrastructure development in the North, North-East, Uva, and North Central provinces. Additionally, an allocation of Rs. 600 million is designated to rectify deficiencies in local government institutions.

Moreover, guided by President Ranil Wickremesinghe, a special project has been initiated with an allocation of Rs. 1,000 million to enhance facilities through the involvement of local government bodies, specifically aimed at the development of tourism. There is a positive anticipation to undertake a development project worth Rs. 1,500 million, complemented by the contribution of Rs.500 million from local government agencies.

Furthermore, President Ranil Wickremesinghe has allocated Rs. 1,500 million to the “Greater Kandy Urban Development Program” in this year’s budget, specifically for the enhancement of the road leading to Kandy city.

In a related matter, approximately 3,000 public servants who submitted nominations for the local government elections have been addressed. A cabinet paper has been submitted to review their appeals and reinstate them. Upon approval, these government employees are anticipated to be reemployed within a month, returning to their original place of work. Notably, a condition will be imposed, prohibiting their engagement in political activities.

Additionally, around 2,700 vacant positions for ‘Grama Seva’ officials are scheduled to undergo examination by the 2nd of December. Efforts are underway to appoint them before February 4th, 2024. Furthermore, a significant step has been taken to establish 8,400 casual employees in local government institutions as permanent staff through mandatory employment arrangements. (NewsWire)

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Minister of Labour and Foreign Employment Manusha Nanayakkara has emphasised that retaining land, a crucial factor of production, improperly under government control contradicts the Constitution. 

Minister Nanayakkara further highlighted that President Ranil Wickremesinghe has rectified this issue through the 2024 budget proposals.

“A noteworthy feature of this year’s budget is the provision of free land rights. Recognizing that land is a pivotal factor in the production process, this initiative empowers individuals to engage in economic activities independently. Holding land improperly under government control is not only against the constitution but also undermines the principles of economic autonomy. Under President Ranil Wickremesinghe’s administration, dedicated steps have been taken to rectify this error through the 2024 budget, marking a crucial democratic investment for the future economy,” he added.

Addressing the media yesterday (Nov 23), Minister Nanayakkara said that providing free land ownership empowers individuals to participate in independent economic processes, making it a democratic investment for the future economy.

Minister Nanayakkara further addressed the economic challenges faced by the country, citing a significant loss of state revenue due to the tax revision implemented in November 2019, stating that a substantial amount of money was lost in state revenue, causing a decline in government revenue as a percentage of the gross domestic product to 8.5%. 

“This amounted to approximately Rs. 600-700 billion. Compounded by the impact of the COVID-19 pandemic, inflation began to surge in the last quarter of 2021, reaching a staggering 73.70% by the end of 2022. Consequently, Sri Lanka found itself with the highest inflation rate globally.

“Despite the government’s invitation to opposition parties to assume control of the country, none of the current critics stepped forward to take on this responsibility. The present President, Ranil Wickremesinghe, courageously accepted this significant challenge. He approached decision-making with utmost care, ultimately steering the country towards a relatively stable state.

“In our capacity as a government, we introduced the 2023 budget with the primary objective of averting the country from entering a hyperinflationary situation. To achieve this goal, we implemented rigorous financial control measures. As a result of these efforts, we successfully reduced inflation to 0.80% by September 2023,” he said.

Minister Nanayakkara further said that Sri Lanka was advancing as a social market economy with a comprehensive social security system. “In alignment with this vision, this year’s budget has earmarked Rs. 183 billion for social security, which is three times the allocation in previous years. This substantial investment is expected to benefit twenty lakh families, providing a robust foundation for social welfare and economic stability.

“Government employee salaries amount to Rs. 83 billion each month, with an additional Rs. 30 billion monthly allocated for Aswesuma and pensions. A substantial portion, totalling Rs. 220 billion, is dedicated to loan interest payments. In contrast, the monthly tax income stands at Rs. 215 billion, resulting in a deficit of Rs. 168 billion. Managing the economy under such challenging circumstances is indeed a formidable task. Despite these fiscal constraints, the government has taken steps to address the situation, including the implementation of a salary increase of Rs. 10,000,” he said.

The Minister also pointed out that substantial efforts have been made to ensure a robust economic future, adding “The commendable ‘Garu Saru – Shramayata Abhimanak’ program, along with the new Employment Security Act, has significantly benefited expatriate workers.

“Additionally, a noteworthy feature of this year’s budget is the provision of free land rights. Recognizing that land is a pivotal factor in the production process, this initiative empowers individuals to engage in economic activities independently. Holding land improperly under government control is not only against the constitution but also undermines the principles of economic autonomy. Under President Ranil Wickremesinghe’s administration, dedicated steps have been taken to rectify this error through the 2024 budget, marking a crucial democratic investment for the future economy.

“Moreover, a dedicated provision of Rs. 4 billion has been allocated to grant land rights to the plantation communities,” he said.

Minister Nanayakkara went on to note that simultaneously, an allocation of Rs. 600 million has been earmarked to successfully conclude the ‘Bhim Saviya’ program. 

“This initiative proposes the issuance of land certificates, granting full ownership to individuals who have not yet received such certificates. Furthermore, it aims to transfer ownership of urban rental houses to eligible recipients.

“In a bid to enhance efficiency, plans have been formulated to reorganize and digitize existing government institutions. Notably, measures are being implemented to combat fraud within Sri Lanka Customs, a crucial institution responsible for managing government revenue. These efforts include the ongoing digitization of Sri Lanka Customs operations,” he added. (NewsWire)

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Leader of the National Peoples Power (NPP) MP Anura Kumara Dissanayake has raised objections to the allocations in the Budget 2024 for former Presidents Gotabaya Rajapaksa and Mahinda Rajapaksa. 

Addressing the Parliament yesterday, MP Dissanayake said as per the Budget 2024, a sum of Rs. 110 million has been allocated for former Presidents, an increase from the Rs. 84 million that was allocated in the previous budget. 

MP Dissanayake pointed out that the names of Gotabaya Rajapaksa and Mahinda Rajapaksa are among the former Presidents who are eligible for this budget allocation. 

Stating that the Supreme Court had recently held the two former Presidents responsible for Sri Lanka’s economic crisis, MP Dissanayake said it was their stance that financial allocations should not be made for them, given the court’s verdict. (NewsWire)

Rs. 110 Mn has been proposed as an allocation for the Fmr. Presidents under #Budget2024. Last year, it was Rs. 84 Mn. This list includes Fmr. President @PresRajapaksa & @GotabayaR who have been found responsible by court, for the collapse of #SriLanka's #economy. Our stance is… pic.twitter.com/qdHCbd1fjz

— Manthri.LK_Watch (@ManthriLK_Watch) November 23, 2023

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Sri Lanka Podujana Peramuna (SLPP) Hambantota District MP Namal Rajapaksa says he abstained from voting on the second reading of the Budget 2024, which was held in Parliament yesterday (Nov 21).

Responding to questions raised by reporters, MP Namal Rajapaksa said he had abstained from voting as there was no practical program to develop the rural economy and as it appears that there are problems in the practical implementation of the budget proposals at the ground level.

Pointing out that the budget consists of both good and bad proposals, the MP added that some are practically impossible to implement.

He further said that the Budget 2024 consists of proposals that were already proposed in the Appropriation Bill for the fiscal year 2023. 

Stating that it was the responsibility of the Opposition to defeat the budget, MP Rajapaksa questioned if they did not intend to do so.

MP Namal Rajapaksa emphasised that especially as a member of the government, it was his duty to stand up for the public by pointing out the mistakes and weaknesses of the budget and providing benefits to them. (NewsWire)

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The current budget, characterized by formal economic management, has been unveiled to proactively avert the recurrence of severe economic crises within Sri Lanka, State Minister of Finance Shehan Semasinghe said.

State Minister Semasinghe emphasized the dedicated focus within this year’s budget to extend relief to those significantly impacted by the economic downturn. 

“There is a deliberate commitment to fostering the establishment and support of small and medium-scale businesses as part of the comprehensive economic strategy,” he pointed out.

State Minister of Finance Shehan Semasinghe expressed these views during a discussion held on Monday (Nov 20) at the Ministry of Finance on the budget 2024.

The State Minister further said “The budget presented this year has laid the groundwork for growth across various sectors of the economy. To foster economic growth, it is imperative to restore the country to the pre-crisis economic levels. The groundwork for this resurgence was established in the previous budget. The current year’s budget is designed to further fortify economic stability and the progress in achieving this stability can be verified by scrutinizing data provided by the Central Bank.

“During the presentation of the 2023 budget, the nation found itself in a precarious situation, unable to produce a comprehensive budget document. At that critical juncture, the country grappled with profound economic downturn and political-social turbulence, marking a significant crossroads in its history.

“It is noteworthy to acknowledge that the attained economic stability is a direct outcome of the 2023 budget document. Additionally, the government anticipates a 1.8% economic growth for the upcoming year, with aspirations to surpass that target and achieve a growth rate of 2% or more. The formulation of this year’s budget took into account agreements established with the International Monetary Fund and the nation’s creditors. Of particular significance is the commitment to achieving debt sustainability, thereby emphasizing meticulous attention to debt restructuring and various other considerations in the preparation of the budget proposals.

“The government has prioritized addressing the challenges faced by population groups severely affected by the ongoing economic crisis. Special consideration has been given to public servants, who have not seen a salary increase in many years. Consequently, the government has taken the initiative to grant an additional allowance of Rs. 10,000,” he said.

Stating that focused attention has been extended to various vulnerable groups, including low-income earners, kidney patients, individuals receiving disability allowances and those receiving elderly allowances, he said this comprehensive approach is expected to benefit approximately 3 million families.

“As per the economic crisis, small and medium-sized businesses, which faced significant challenges, have been a focal point. The current budget allocates over Rs. 30 billion for their rehabilitation. A structured system has been devised to facilitate their access to credit facilities, offering subsidized interest rates in the single-digit range. Furthermore, the government has lifted restrictions on imports, excluding personal-use vehicles, in a move aimed at fostering greater economic flexibility and adaptability,” he added.

Also addressing the meeting, the Director General of the President’s Trade Union, Saman Ratnapriya, commended President Ranil Wickremesinghe for steering the country from a challenging state, marked by fuel and gas queues, to a more stable condition. 

Attributing this progress to the foundation laid by the previous budget, extending into the 2024 budget, Ratnapriya highlighted a proposal to increase government employee salaries by Rs. 10,000, acknowledging the existing pressures on the public.

“Acknowledging the current challenges faced by the populace, including the burden of elevated service charges, it is imperative to recognize the potential positive outcomes of advancing the President’s economic program. Despite the existing pressures, the belief is firm that adhering to this economic strategy will pave the way for the construction of a robust and sustainable economy,” he said. 

On the fiscal front, W. M. G. Kumaratunga, Director of the Economic Stabilization Unit at the President’s Office, provided insights into revenue collection. Noting the significant milestone, he projected estimated state revenue of Rs. 3,101 billion by December 31, surpassing the Rs.3 trillion mark for the first time in history.

“Comparatively, the revenue as of last 17 stood at Rs. 2,394 billion, with contributions from the Inland Revenue Department Rs. 1,415 billion, Sri Lanka Customs Rs.832 billion, and the Excise Department Rs.147 billion.

“As the year draws to a close, an estimated income of Rs.3,101 billion is anticipated from the combined efforts of the Inland Revenue Department, Sri Lanka Customs and the Excise Department. Additionally, a further Rs.369 billion is expected to be generated in the coming days. This additional revenue comprises Rs.154 billion from the Inland Revenue Department, Rs. 136 billion from Sri Lanka Customs and the remaining Rs. 33 billion from the Excise Department.

“Consequently, by December 31 of this year, a total state revenue of Rs.2,719 billion is anticipated. However, if efforts align with the estimated target for 2023, this figure would represent the highest state revenue ever recorded in the country’s history,” he said. 

Kumaratunga further said, that in addition to the ongoing efforts, the President’s Office has initiated special programs aimed at further augmenting state revenue. 

“Notably, the daily income of Sri Lanka Customs has currently reached an impressive Rs. 5 billion. The aspiration is to achieve a revenue target of Rs. 3 trillion, a milestone that could significantly boost the country’s economy, leading to the creation of a surplus in the primary account,” he added.

This discussion involved the participation of key stakeholders, including Dr. P. K. G. Harishchandra, Director of the Economic Research Department at the Central Bank, Chairman of the National Youth Service Council, Pasindu Gunaratne and representatives from trade unions, the Youth Corps and the Youth Service Council. (NewsWire)

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Issuing a statement, DMASL said the discussion focussed on dissecting the nuances of the Budget 2024 and its implications for the Digital Marketing Industry.

DMASL Board of Directors with President Ranil Wickremesinghe

President of DMASL, Umair Wolid stated that the Association emphasizes the importance of a collaborative spirit, stressing the need for a unified approach between the government and the digital marketing industry. 

“Our goal is to establish a framework that mutually benefits both parties,” he added.

DMASL further said President Ranil Wickremesinghe, recognizing the industry’s pivotal role in driving economic growth, has voiced his commitment by pledging support for initiatives geared towards ensuring its sustainability and global competitiveness. (NewsWire)

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The government has proposed to impose Value Added Tax (VAT) for items that previously had not been taxed, Opposition MP Harsha de Silva alleged. 

Addressing the Parliament today (Nov 16), the MP said the Budget 2024 proposes the Value Added Tax to be increased from 15-18%.

He further said VAT will now be imposed on previously untaxed items, pointing out that VAT will be imposed on fuel, gas, and fertilizer as well.

MP Harsha de Silva said that as per the Budget 2024, VAT will be imposed on 100 items that were not previously taxed, such as electronic equipment including mobile phones and computers.

“The budget 2024 proposes to impose VAT on all medical equipment. VAT will also be imposed on several other items such as national software, tea leaves, and latex. However, the President did not mention any of this during his budget speech,” the MP pointed out.

MP Harsha de Silva said he believes this is an unfair move, adding that the public must be made aware of how the VAT will be imposed and collection of money. (NewsWire)

"If the Salary is increased by Rs 100 & taxes will be increased by Rs 600"

MP Harsha de Silva says VAT will be imposed on 100 items that were not previously taxed, such as electronic equipment including mobile phones and computers. pic.twitter.com/k8egMOHgzr

— NewsWire (@NewsWireLK) November 16, 2023

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The existing national debt stands at approximately US$ 36 billion, with only 37% of this debt slated for payment within the next 5 to 6 years, and 51% of the loan amount scheduled for repayment between 6 and 20 years, Minister Bandula Gunawardena said. 

Minister Bandula Gunawardena further said the remaining 12% is earmarked for settlement after the 20-year mark. 

“It’s crucial to acknowledge that irrespective of the governing party, the country is obligated to service this debt until the year 2048. Failure to meet these financial commitments would result in a governing party’s ability to administer the government for only a two-week duration,” he warned.

Minister Bandula Gunawardena pointed out that avoiding loans from global entities and defaulting on payments poses a critical challenge, as the current international system relies on this financial mechanism. 

“In addition, the refusal of other nations to accept letters of credit issued by Sri Lanka would hinder the importation of vital commodities such as petroleum, gas, medicines and essential food items. Consequently, political solutions prove ineffective in addressing this predicament; instead, the imperative lies in implementing an economic solution to navigate through these challenges,” he said.

The Minister revealed that a strategic approach involves focusing on four key aspects to navigate the country out of the current economic crisis. 

“Firstly, there is an imperative to enhance government revenue. Secondly, it is essential to curtail both recurrent and capital expenditures of the government. The third element involves boosting foreign exchange inflows while concurrently minimizing foreign exchange outflows. Lastly, the goal is to establish a current account surplus in the balance of payments. The budget presented by the President for the year 2024 is aligned with these crucial objectives,” he said.

The Minister of Transport, Highways and Mass Media reiterated that addressing the prevailing crisis in the country requires an exclusive focus on economic solutions and highlighting the inadequacy of political measures in this context.

He highlighted that once the International Monetary Fund (IMF) issues the second loan instalment, it will pave the way for the resumption of all stalled development projects.

Characterizing this year’s budget, presented by President Ranil Wickremesinghe, as historic, radical and revolutionary, he highlighted its significance as the first budget unveiled following the official declaration of the country’s bankruptcy last year. 

The Minister underscored that the state budget’s current account deficit and the international balance of payments current account deficit were pivotal factors leading to the country’s financial crisis. He further revealed that the failure to meet International Monetary Fund criteria during the respective periods was a contributing factor to the current crisis.

“President Ranil Wickremesinghe assumed responsibility amid financial management challenges. A resolution was achieved through debt restructuring, involving consultations with leaders from creditor states, including India, China and Japan.

“Following the budget, the International Monetary Fund is expected to issue the second loan tranche. Successful refinancing of the debt would provide ample resources to execute all the proposals outlined in the budget. Subsequently, the revival of all stalled development projects becomes feasible.

“Everyone must bear in mind that the anticipated increase in government employees’ salaries, as per the budget, is contingent upon the tax revenues collected by the government from the public,” he added.

Minister of Transport, Highways and Mass Media, Bandula Gunawardena revealed this information during a Media briefing held at the Presidential Media Centre on Wednesday (15). (NewsWire)

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Opposition MP Dr. Harsha de Silva has raised concerns over the recently presented Appropriation Bill for the fiscal year 2024, claiming that the proposed economic policies fall short, contradicting optimistic claims by the government. 

Stating that he had critically examined the Budget 2024, MP de Silva shed light in Parliament yesterday on crucial issues demanding immediate attention, warning that implementation remains a major concern. 

The following are 15 key points raised on the Budget 2024 by MP Harsha de Silva;

1. The proposed economic policies fall short, contradicting optimistic claims by the government. Implementation remains a major concern. 
2. Budget 2024 violates the Fiscal Management Responsibility Act, with a deficit exceeding 5%. Reports from LirneAsia, World Bank, and UNDP reveal a surge in poverty with over 4mn pushed into poverty in the last two years. Urgent action is needed.
3. Recent Supreme Court verdict on Economic Crimes identifies key figures responsible for the economic downturn. A parliamentary discussion on revoking the civic rights of those found guilty is crucial.
4. Despite claims of stabilized inflation, the cost of living for a family of four surged by 91% in the last two years, according to former deputy CB gov W.A. Wijewardena. It’s essential to address the widening gap between claims and reality.
5. The current government lacks a comprehensive plan to achieve its ambitious economic goals by 2048, where we need to grow by at least 6.4 % annually from 2027. At 3% growth, we’ll only get there by 2068. 
6. Robust measures are needed to combat corruption in Sri Lanka across sectors. The absence of anti-corruption initiatives raises concerns. Implementation of the STAR program and an independent prosecutor’s office as outlined in Samagi Jana Balawegaya’s Blue Print is crucial.
7. Beyond corruption, creating economic opportunities for youth, empowering entrepreneurs, and supporting small/medium businesses across the island are vital. Fairness and efficient resource utilization must be prioritized. 
8. Fiscal consolidation and expenditure reduction complexities must consider social equity. Allocation to vital sectors like health and education is fair but directing funds to loss-making SOEs such as SLA’s recent requirement to cover liabilities of 110Bn, while Govt expects 100bn from Pay As You Earn (PAYE).
9. Commendable efforts to broaden the tax net with TIN being required for public services, but a broader conversation on Sri Lanka’s economic trajectory is needed. Moving beyond stability to sustainable growth is imperative. 
10. Concerns over the staggering debt-to-GDP ratio of 104% and substantial interest payments, being one of the highest in the world, need urgent attention. Moving beyond stability to growth is crucial and the International Monetary Fund (IMF) expectations must be considered. 
11. Transparency in dealing with the  Exim Bank of China, the Paris Club agreement, and addressing NPLs in state banks is crucial. Recapitalization and privatization of certain State banks are steps toward stability. 
12. Addressing challenges in future debt issuance, increasing forex reserves, and transitioning to a growth-oriented production economy are essential.
13. A mindset shift is needed for higher growth rates. Deregulation, reducing red tape, and encouraging investments for capital formation are crucial. An open-minded approach to trade agreements fosters economic growth.
14. Creative solutions like wind farms in Mannar and connectivity with India’s grid can generate valuable forex. Proactive thinking is needed for innovative projects. 
15. My comprehensive address highlights challenges in Sri Lanka’s economic landscape and proposes strategic reforms for equitable growth. Transparency, accountability, and a visionary approach are crucial for a new economic trajectory. (NewsWire)

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The targets laid out in Sri Lanka’s budget for 2024 will be challenging to meet, even with the economic recovery that we expect to continue next year, says Fitch Ratings. 

Issuing a statement, the Ratings Agency said the fiscal deficit is set to be wider than its current forecast of 7.1% of GDP in 2024 in light of the new data, even after excluding bank recapitalisation costs, and the revenue/GDP ratio will be lower than we had assumed.

“The government is targeting a budget deficit of 9.1% of GDP in 2024, wider than a revised estimate of 8.5% in 2023. However, without bank recapitalisation costs, the deficit in 2024 would be a narrower 7.6% of GDP. Excluding recapitalisation costs, the budget targets a primary surplus of 0.8% of GDP in 2024, against a deficit of 0.7% in 2023. However, including recapitalisation costs pushes the 2024 primary deficit target to 0.6% of GDP.

“The primary surplus goal for 2024, excluding bank recapitalisation, is broadly in line with the 0.8% of GDP projected by the IMF in March when it approved Sri Lanka’s USD3 billion Extended Fund Facility (EFF). We also see the revenue target as relatively aligned. However, the government’s expenditure target for 2024, at 22.2% of GDP, is somewhat higher than the 19.7% the IMF had envisioned and well above the revised budget estimate of 18.7% for 2023,” the Ratings Agency said.

Fitch Ratings further said the release of the next tranche of EFF financing, worth around USD330 million, will depend partly on the IMF’s assessment of Sri Lanka’s progress in securing financing assurances from official creditors. 

The Ratings Agency added that it believes there has been some progress since March, but the timeline for a restructuring deal with official creditors remains unclear.

Fitch Ratings also said that it believes there are significant risks to the government’s revenue goal for 2024. Sri Lanka has a record of fiscal slippage, and revenue collection fell 29% short of the target of over 9M23. The authorities aim to raise revenue by almost 45% in 2024. This will be aided by a planned 3pp increase in the value-added tax to 18%, but the boost to revenue from inflation is set to weaken in 2024. We project consumer prices will rise by 8.7% on average in 2024, compared with 22.1% in 2023. The lift from economic growth, which Fitch projects at 3.3% in 2024, will also be modest.

“Downside risks to revenue could be offset by lower-than-budgeted spending. We think the presidential election in late 2024 will incentivise the government to keep to its spending plans, which include a 14% increase in spending on salaries and wages. Nevertheless, if revenue falls short, there may be some room to trim capital expenditure, which amounts to almost 20% of total planned spending and is budgeted to rise 55% in 2024, excluding bank recapitalisation.

The government’s efforts to implement governance reform after a recent diagnostic study by the IMF may also support revenue collection. The budget proposes to establish a new revenue authority under the Ministry of Finance to improve tax collection, and a new investment law will look to establish a National Economic Commission to promote investment. However, it will take time to assess these bodies’ effectiveness,” the Ratings Agency added.

Fitch rates Sri Lanka’s Long-Term Foreign-Currency Issuer Default Rating (IDR) at ‘RD’ (Restricted Default), stating “ We may move the IDR out of ‘RD’ upon the sovereign’s completion of a commercial debt restructuring that we judge to have normalised the relationship with the international financial community. Sri Lanka’s post-default rating would depend upon our assessment of its credit profile.

Fitch upgraded Sri Lanka’s Long-Term Local-Currency IDR to ‘CCC-‘ in September, reflecting the completion of the local-currency portion of Sri Lanka’s domestic debt optimisation plan.

Full report : https://shorturl.at/yLWY1 (NewsWire)

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Sri Lanka Podujana Peramuna (SLPP) MP Namal Rajapaksa says many of the proposals put forward by the President in the Budget 2024 are those that had been presented in the previous budget.

President Ranil Wickremesinghe presented the Appropriation Bill for the fiscal year 2024 in Parliament today.

Speaking to reporters in Parliament following the Budget speech, the former minister said it is obvious that the previous proposals were not implemented and hence, the government has presented it again.

Stating that the proposals have been made twice, MP Rajapaksa said doubts are raised if they have been practically accomplished at the grassroots level or not.

“We are waiting to see if this year’s budget is also a budget announcement that is limited to just a speech. After studying the proposals, we will present our views during the parliamentary debate. Let’s see if the President accepts them,” he said. 

Pointing out that the President is serving as the Finance Minister of the SLPP-led government, MP Namal Rajapaksa said the party’s policies should be in the budget proposals, adding “Fairy tales are of no use if they don’t work in practice.” (NewsWire)

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President Ranil Wickremesinghe has announced his intention to prioritize the inclusion of proposals from the private sector in this year’s budget and to separately examine related areas. 

According to the President’s Media Division (PMD), he made these statements while attending a 2024 pre-budget -discussion held at the Presidential Secretariat on Wednesday (Nov 01) with the leaders of private sector institutions.

During the meeting, the President discussed reform programs designed to help the country recover from the economic crisis it is currently facing and move towards sustainable growth.

Leaders of private sector institutions presented proposals to the President, focusing on increasing government revenue and efficiency, as well as measures to support various industries, including attracting investors, the tourism industry and the garment industry.

They also urged the President to prioritize measures aimed at overcoming the current economic crisis and addressing the challenges faced by business people in various sectors in this year’s budget.

President Wickremesinghe expressed his commitment to giving careful consideration to the ideas and suggestions put forward by the leaders of private sector institutions. He intends to conduct separate discussions on each of these areas in the future.

The efforts made by President Ranil Wickremesinghe to achieve economic stability in the country were also commended by the leaders of private institutions. (NewsWire)

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The Committee on Parliamentary Business Affairs has decided to conduct a 26-day debate on the Appropriation Bill for the year 2024.

Accordingly, President Ranil Wickremesinghe will present the Budget 2024 to Parliament on Monday, November 13, 2023.

The debate on the second reading of the Budget 2024 will be conducted for seven days starting on November 14 and concluding on November 21.

Thereafter, the adjournment debate will be held for 19 days starting on November 22 and concluding on December 13.

The third reading of the Budget 2024 will be held on December 13 with the final vote scheduled for 06.00 pm on the same day. 

Parliament sessions will be held from 09.00 am to 06.00 pm during this period. (NewsWire)

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