President and Finance Minister Ranil Wickremesinghe is delivering the Second Reading of the Appropriation Bill for the financial year 2023 in Parliament.
2023-Budget-speech-1-37-43| Economic Outlook |
| We are expecting a positive outcome from debt talks; we were able to manage inflation. |
| Vietnam used to follow our stystem but they are ahead of us now; their main income is - agriculture, tourium and export zones |
| We were spending on large projects on foreign loans. |
| We should change the current economic model; 1977 open economic model is not viable now; the new model needs to suit young people of the country |
| We need a social market economy consisting of three things; export oriented economy, a green economy, and a digital economy |
| Budget Proposals 2023 |
| Govt income to increase up to 15% by 2025 Primary deficit over 2% by 2025 and increase thereafter Govt loans will be reduced in the medium term below 100% of GDP |
| We anticipate taking inflation to mid-single digit inflation along with the interest rates. The framework of the new economy has been set and now we have to work towards it |
| New economic zones- Western - Wayamba - Trinco and Hambantota. FDI through tax rebates; Rs 300 million for this |
| Labour laws are old and need to be redone to suit the modern times |
| Proposal to set up an International Trade Office in Sri Lanka. Regional trade ties will be strengthened with Singapore and others |
| Underutilised lands to be provided for export crop cultivation on long term basis |
| White Water Rafting is to be improved in order to develop sports tourism |
| Foreign scholarships for top A/L students and graduates |
| New medical faculty for the Uva Wellassa University of Sri Lanka with Rs200mn |
| Presidential Commission for Taxation to increase tax revenue |
| Data Security Authority to regulate data privacy laws |
| New insurance scheme for Private sector employees proposed. It will provide an allowance for three months for private sector employees who lose their jobs. buy augmentin online buy buy augmentin online no prescription EPF and the EPF Act to be amended to facilitate this |
| Passport and visa fees are to be increased |
| Tax Policy |
| Several tax reliefs proposed |
| Para tariffs to be gradually removed |
| Special programme to be implemented to identify HNI's and promote tax contributions |
| Other Proposals |
| Restructuring of SOEs: Sri Lankan Airlines, SLT, Hilton, Waters Edge, SLIC, and their subsidiaries will be restructured first. Proceeds will be used to protect foreign reserves |
| A regulatory body to be established to look into micro-finance activities. A gem trade centre to be established |
| New international university to study climate change with Rs100mn |
| Special committee appointed to explore the cultivation of marijuana |
| The annual addition of $3 billion is expected from new exports from 2023-2032 |
| A comprehensive welfare beneficiary system to be implemented |
| Rs. 500 million allocated for climate change research and studies, establishing an international university |
| Rs. 100 million allocated to establish an excise laboratory facility to test the quality of alcohol products |
| Polonnaruwa, Kurunegala and Badulla hospitals are to be designated as teaching hospitals. Paid ward system in state hospitals to be reintroduced with national and base hospitals |
| A task force to review budget proposals to be established. |
| The budget speech concluded; the full budget speech will be shared shortly. |