INSUBCONTINENT EXCLUSIVE:
A dedicated allocation of Rs
10 billion has been reserved for potential future elections, State Minister for Plantations, Enterprise Reforms and Finance, Ranjith
Siyambalapitiya says.This provision, while not explicitly outlined in the budget proposals, has been included in the estimates, the lawmaker
the release of the second tranche of the extended credit facility to Sri Lanka on December 06.Speaking further, Siyambalapitiya highlighted
prevailing negative economic conditions.Addressing the inherent limitations faced during the budget preparation, he acknowledged the
constraints in pursuing objectives such as maintaining a robust primary account.State Minister Siyambalapitiya further made the following
However, the forthcoming year presents a constrained borrowing environment, with limited space available
Previously, local borrowing was facilitated through various accessible means, but with the implementation of the new Central Bank Act,
borrowing has been subject to restrictions
under considerable strain
10 billion for upcoming elections, although this provision was not formally presented in the budget proposals but has been factored into the
When we assumed these responsibilities, the tax structure was predominantly comprised of 80% indirect taxes and 20% direct taxes
Financial Management Responsibilities Act No
03 of 2003 mandates maintaining the budget deficit at 5%, a target that, in practice, has proven challenging
Over the last two decades, this target was achieved only in 2016 and 2017
Sustaining this requires a rigorous approach involving substantial expenditure reductions and revenue generation
Notably, public welfare expenditure, which stood at 65 billion, is projected to rise to 209 billion this year
Efforts are underway to implement practical reforms, including amendments to certain laws, to align legislation with operational realities
state income ratio from its current 8.3% to 10.1% by the end of this year, and following the implementation of the 2024 budget, this ratio
could further rise to 12.3% by the close of that year
period, we successfully alleviated the frustrations associated with the historical instability of the state
Concurrently, efforts are underway to enforce the Anti-Corruption Act, aligning with the commitments made under the agreement with the
On December 6, the Executive Committee of the International Monetary Fund is set to convene and deliberate on the release of the second
instalment of the extended credit facility
