News

Budget 2024

Published

3 years ago

2023/11/14

Sahan Weerasooriya

Budget highlights

Following are the highlights of Budget proposals made by President Ranil Wickremesinghe in Parliament yesterday:

New economic and political system

The President said in order not to fall back into a crisis, the economic and political system of Sri Lanka must be created anew. He 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 said.

Gig economy and e-commerce transactions

The President proposed 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.

Tax Identification Number

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 and to (d) Register a land or title to a land, by the buyer

One billion rupees for new law for tourism sector

President Ranil Wickremesinghe said that 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.

Three billion rupees to set up a National Center for Artificial Intelligence

The President said that 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.

New investment zones

The President proposed to establish new investment zones centered in Hambantota, Jaffna, Trincomalee, Bingiriya, and Kandy.

New laws to support development

President Wickremesinghe said 60 new laws are to be introduced while other laws will be amended to support the progress of the country.

Budget allocations to settle existing debts

The President said that budget allocations are necessary to settle existing debt, and the borrowing limit needs to be increased. He proposed to raise the borrowing limit from Rs. 3,900 billion to Rs. 6,250 billion, an increase of Rs. 3,350 billion.

20% of state banks to be sold

The President proposed 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.

Public debt percentage to be reduced

The President said 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.

Rs 55 billion to complete projects halted due to economic crisis

An additional allocation of Rs. 55 billion will be directed towards completing projects that were temporarily halted due to the economic crisis.

Station plazas at Pettah, Galle, Matara, Anuradhapura and Jaffna

The President said 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.

Buddhist University and library for Anuradhapura

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 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.

Rs 1.5 billion to develop school cricket

: Ambassadors, High Commissioners and other members of the diplomatic corps listening to the Budget speech from the Speaker’s guests gallery of Parliament

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.

Education reforms

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.

Colombo and Trinco ports to be developed

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.

Two billion rupees to develop fisheries and agri sctors

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.

200 electric buses for Western Province

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.

Second phase of Central expressway to commence

The President said 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.

Intl Airport at Hingurakgoda

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.

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.

A separate institution for medicine procurement

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.

National programme to enhance English literacy

President Wickremesinghe said 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.

Four new universities

The President has announced the establishment of four new universities. They are; Seethawaka Science and Technology University, Kurunegala Technology University under the Kotelawala Defence University, Management and Technology University and 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.

Govt pensioners to get Rs 2,500 COL allowance

President Ranil Wickremesinghe said 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.

Four billion rupees to help estate sector workers

The President announced Rs. 4 billion has been allocated to help citizens of the estate sector granting them land ownership and assisting housing development.

Rs 50 billion to assist SMEs

The President said 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.

Senior citizen allowance increase to Rs 3,000

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.

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.

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.

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.

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.

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.

Rs 10,000 COL allowance to public sector workers

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.

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.

The President said that he was against the concept of increasing salaries without the means to boost state revenue. President Pickremesinghe also stressed the need to minimize state sector expenditure, especially with State-Owned Enterprises (SOEs).

President Wickremesinghe said that 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.

President Wickremesinghe pledged his commitment to humbly identify the shortcomings encountered in the journey thus far and rectify them.

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“Vishishta Seva Vibhushana” medals presented under President’s patronage

Published

8 hours ago

2026/09/30

Priyan

The presentation of the “Vishishta Seva Vibhushana” medals, awarded in recognition of the distinguished service rendered by senior officers of the regular forces of the Sri Lanka Army, Navy and Air Force, was held this afternoon (30) at the Presidential Secretariat under the patronage of President Anura Kumara Dissanayake.

The President stated that the senior officers of the three Armed Forces receiving the “Vishishta Seva Vibhushana” medals today have made an exceptional contribution to the country and its people. He noted that they remained committed to their duties and accountable for their responsibilities regardless of whether it was day or night, whether weather conditions were favourable or adverse, or whether their lives were at risk. He emphasised that the country needs a public service of this nature today.

The “Vishishta Seva Vibhushana” medal, established as an award under a proclamation issued by the President, is a distinguished honour. It is awarded only to officers of the three Armed Forces who have completed at least 25 years of continuous service and have maintained a commendable service record, and in accordance with regulations established by the President through a notification published in the Gazette regarding its conferment, forfeiture or restoration.

A total of 57 serving and retired officers of the three Armed Forces were presented with the “Vishishta Seva Vibhushana” medals by the President.

Following the presentation, the President joined the medal recipients for a group photograph.

The full speech delivered by President Anura Kumara Dissanayake on the occasion is as follows:

“We have a special appreciation for you as a group of officers who have demonstrated a strong sense of responsibility and accountability. As the most senior officers of the three Armed Forces, you are receiving one of the most important and distinguished honours today. You have earned this honour in recognition of the exceptional contribution you have made throughout a significant part of your lives towards safeguarding our motherland and its people. We are deeply grateful to you for the outstanding service you have rendered in protecting the country and its people.

As the most senior officers who have served in the three Armed Forces, you have played an exceptional role for more than 25 years, including during the highly complex periods of armed conflict faced by our country and during other natural disasters. I know that you carried out these responsibilities with greater commitment, endurance and risk than an ordinary public servant. Your wives and family members also played an exceptional role in supporting you throughout your discharge of these social responsibilities. They stood behind you and provided the strength and support you needed while you made immense sacrifices and faced considerable risks. We must also extend our special appreciation to them for the significant role they played in supporting you.

One of the major challenges we face as a Government today is the lack of a strong public service. The public service has suffered a significant decline. We are all aware, to varying degrees, of the reasons that have contributed to this situation. If we are to move forward as a country, we need a strong public service. The contribution you have made as public officials towards strengthening the public service has been exceptional. As the most senior officers of the three Armed Forces, you have played a significant role in serving the public service. You remained committed to your duties. You did not consider whether your duties had to be performed during the day or at night, under favourable or adverse weather conditions, or in situations where your lives were at risk. You remained committed to your duties and accountable for your responsibilities. We need a public service of this nature. As a group that has demonstrated responsibility and accountability, we have a special appreciation for you.

If our country has experienced setbacks on many fronts, overcoming these challenges and moving forward requires people who have the resilience to endure them. You are receiving this distinguished “Vishishta Seva Vibhushana” honour today as a group that has faced the challenges encountered throughout your careers and made an exceptional contribution towards overcoming them.

A common challenge we face as a country is establishing professionalism. We can create positions and professions. However, the question remains as to whether an individual has attained the required professional standard in the discharge of their duties. Today, these 57 officers have been selected from among the many officers of the three Armed Forces as those who have demonstrated such professionalism. This is essential to our public service. You have set important examples towards restoring the public service.

There is also a concern regarding discipline within our public service and society. All of us must have the ability to maintain self-discipline. This is extremely important if we are to move forward as a country. Public servants work within the public service in the course of their duties, while in their everyday lives, they live and interact with wider society. In such circumstances, how do we maintain self-discipline? Many countries have progressed not merely through laws and regulations, but through the self-discipline developed by their people.

Society is exposed to many forms of irregularities and anti-social activities. In such an environment, how do we maintain self-discipline? If we are able to maintain self-discipline regardless of the external environment, even when it is contrary to such values, that is extremely important.

It is true that the “Vishishta Seva Vibhushana” award recognises your service. It is also true that, as President, I and the State honour you. However, this should no longer be regarded as something personal. This is not merely a medal or recognition that you have received. It should be regarded as a social responsibility. Only then can you become an example to your children, neighbours and relatives. You can also become an example to your institution. Only then can we rebuild our public service and society, which are facing a serious decline, and provide an example for others to follow. Therefore, I believe that the medal you receive in recognition of your distinguished service will serve as a foundation for our society to move in a new direction”.

Deputy Minister of Defence, Major General Aruna Jayasekara (Retired), Secretary to the President Dr Nandika Sanath Kumanayake, Secretary to the Ministry of Defence, Air Vice Marshal H. S. Sampath Thuyacontha (Retd) and senior officials, including the Commanders of the three Armed Forces, were also present.

[President’s Media Division]

News

Hindu Priests Seek State Intervention for Sivarasa Anojan

Published

8 hours ago

2026/09/30

Priyan

The Kandyan Hindu Priests’ Association of Sri Lanka has submitted a memorandum to President Anura Kumara Dissanayake, requesting the necessary government intervention to secure the release of Sivarasa Anojan, who has been sentenced to death in Saudi Arabia.

Accordingly, the memorandum was handed over to Dr Nandika Sanath Kumanayake, Secretary to the President, at the Presidential Secretariat this afternoon (30), by the General Secretary of the Kandyan Hindu Priests’ Association of Sri Lanka, Dr Siva Sri Velu Suresh Sharma Kurukkal.

Dr Nandika Sanath Kumanayake, Secretary to the President, pointed out that the necessary government intervention to secure the release of Sivarasa Anojan is already being carried out.

News

“A Nation United” National Steering Committee meets under President’s Chairmanship

Published

8 hours ago

2026/09/30

Priyan

President Anura Kumara Dissanayake instructed officials to establish a mechanism to actively engage parents in protecting children from the drug menace. He emphasised that protecting children from this menace depends more on strong parent-child relationships than on the law alone. He also stressed the need to directly educate parents on the seriousness of the drug menace and how to monitor their children’s behaviour.

The President issued these instructions while participating in a meeting of the “A Nation United” National Steering Committee, established to eradicate the drug menace from the country, held this morning (30) at the Presidential Secretariat.

The President also highlighted the need for a trusted individual to provide guidance to parents if their children are at risk of being exposed to drug use. He noted that parents generally seek the assistance of a teacher or religious leader in such situations. Accordingly, he instructed officials to develop a systematic programme to provide reliable guidance, taking this into consideration. He also pointed out the need for special training if teachers are to be involved in this programme.

The President further emphasised the need to strengthen the programme being implemented to dismantle the distribution networks linked to the drug trade.

It was also noted that the number of forensic reports completed daily has increased following the expansion of facilities and improved efficiency at the Government Analyst’s Department. A total of 8,000 forensic reports related to drugs were completed during September alone. Data entry activities have also been strengthened with the assistance of Navy personnel. It was further revealed that the improved efficiency in obtaining forensic reports has enabled a significant number of persons remanded in custody for drug-related offences to be released on bail, thereby helping to reduce prison overcrowding.

The President also instructed officials to refer the new Bill on drug control, which has been presented to Parliament, to the Committee in the first week of October, obtain approval and take steps to have it passed by Parliament by the third week of October.

Discussions were also held on developing a centralised digital system and software linking the Police, the Government Analyst’s Department, the Department of Prisons and the judicial system. The President instructed officials to discuss the matter with the Secretary to the Ministry of Defence and other relevant officials and take steps to address the practical issues involved.

The President also inquired into the measures taken to facilitate the direct submission of expert reports and Government Analyst’s reports to the courts by email, in accordance with the Act No. 07 of 2025. He also reviewed the measures taken to fill vacancies in the Legal Draftsman’s Department.

Programmes implemented in international schools to combat the drug menace and their effectiveness were also reviewed.

The President also highlighted the need to develop social media programmes targeting the younger generation to raise awareness of the dangerous consequences of drug use.

Discussions were also held on the drug-related challenge spreading in the Northern and Eastern regions following the war, and the programmes being implemented to address this challenge.

The President also highlighted the importance of maintaining the 1818 hotline, introduced to provide information on drug trafficking, distribution and related illegal activities and conducting a publicity programme on the response to information received through the 1818 hotline to strengthen public confidence in the service.

The President also reviewed the progress of the rehabilitation process, including measures to increase the capacity of rehabilitation centres.

The Maha Sangha, including Most Venerable Narampanawe Ananda Thera, the Anunayake of the Asgiri Chapter, Most Venerable Waleboda Gunasiri Thera, Anunayake of the Ramanna Maha Nikaya and Most Venerable Kuppiyawatte Bodhananda Thera, together with members of the clergy, including Reverend Nishantha Fernando, Sri Velu Suresh Sharma Kurukkal, Muththusamy Alagesan Kurukkal and Sheikh Mohamed Arkam Nooramith Moulavi, also participated in the occasion.

Secretary to the President Dr Nandika Sanath Kumanayake, Senior Additional Secretary to the President Roshan Gamage, Secretary to the Ministry of Defence, Air Vice Marshal Sampath Thuyacontha (Retd), Secretary to the Ministry of Public Security Ravi Seneviratne, Secretary to the Ministry of Public Administration, Provincial Councils and Local Government S. Aloka Bandara, Secretary to the Ministry of Justice and National Integration Ayesha Jinaseena, other ministry secretaries, government officials, the Inspector General of Police, and representatives of the security forces, including the Commanders of the three Armed Forces, Members of the “A Nation United” National Steering Committee were also present.

[PMD]