President Ranil Wickremesinghe, who also serves as the Minister of Finance, will present the 2024 Budget in Parliament at 12 noon today.
11.35 am- President Ranil Wickremesinghe arrived at Parliament a short while ago and will present the Budget 2024 shortly.
12. 13 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. Despite the collective efforts of hardworking individuals, there were others who attempted to hinder the nation's progress
12.16 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.
12.18 pm - During the presentation of the 2024 budget, President Ranil Wickremesinghe highlighted the prevention of hyperinflation, attributing the country's rescue to the successful reduction of the inflation rate to a single digit
12.16 pm- The President highlighted the removal of legal obstacles hindering the integration of large-scale, low-cost renewable energy into the primary electricity grid. Additionally, he noted on-going efforts to formulate rules & regulations for restructuring the inefficient CEB into a more streamlined & efficient institution
12. 30 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
12.32 pm - During the presentation of the 2024 budget, President Ranil Wickremesinghe noted that a substantial 35% of public expenditure is allocated to salaries for public employees
12.33 pm - Highlighting that the allocation of the Nuwara Eliya Post Office to the tourism industry is not an isolated move but part of the broader Nuwara Eliya development plan, President Wickremesinghe stressed the importance of utilizing historic buildings for foreign exchange earning purposes, such as in the tourism industry. He cautioned that if timely action is not taken, other historic buildings, like the Galle Post Office, could face similar challenges.
12.39 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 & the country achieved a surplus in the first half of 2023
12.40 pm - The President highlighted significant achievements, stating that inflation, which had reached 70% in September 2022, was successfully lowered to 1.5% by October 2023. Additionally, he noted the successful replenishment of foreign exchange reserves, which had previously fallen to zero, reaching a notable amount of 3.5 billion US dollars
12.43 pm - Starting from January 2024, the current Cost of Living Allowance of Rs 7,800 for government employees will be augmented by an additional Rs 10,000
12.44 pm - 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
12.54 pm - A concessional credit facility of Rs. 30 billion is established to fortify the upliftment program for small and medium enterprises that faced challenges in the previous season
12 55 pm - A program will be launched to grant full private ownership of traditional farms to farmers who have lost their ancestral properties
12.57 pm - An allocation of Rs. 04 billion is designated for the initial step of acquiring land rights for constructing houses for people residing in plantations
12.58 pm - A provision of Rs. 600 million is allocated to facilitate the swift completion of the Bim Saviya program
- An allocation of Rs.11,250 million will be designated for the District Coordination Committees to recommence the Decentralized Budget Program. The implementation will be conducted under the supervision of the National Procurement Department
12.59 pm - In 2024, a comprehensive ten-year multi-purpose rural and community development program will be launched, covering 89 Divisional Secretariats in Hill-Country. A provision of Rs.10 billion is allocated for this initiative in the year 2024
13.00 - The Budget for 2024 includes an increased allocation for capital expenditure, reaching Rs 1,260 billion, equivalent to 4% of the gross national product
- An additional allocation of Rs. 55 billion will be directed towards completing projects that were temporarily halted due to the economic crisis
13.02 - A dedicated allocation of Rs. 10 billion is designated for the rehabilitation of deteriorated rural roads & Rs.2000 million will be allocated for the restoration of roads and bridges damaged by natural disasters
13.06 - An allocation of Rs 01 billion for the year 2024 is earmarked to establish the National University of Education by merging 19 colleges of education
13.09 - The Department of Allergy and Immunology at the University of Sri Jayawardenepura is elevated to the status of the National Institute of Allergy and Immunology, with an allocation of Rs. 40 million in 2024
13.13 - Vocational Education Institutions under the Central Government will be transferred to the Provincial Councils and Provincial Boards of Education will be established to enhance and modernize skill development
13.14 - A fund for the improvement of technical professional skills will be established, with an additional allocation of Rs. 450 million for 2024, in addition to the current allocation
13.20 - A collaborative training program with private institutions in the field of information technology will be initiated for graduates seeking employment, with an allocated provision of Rs. 750 million
13.23 - A sum of Rs. 150 million will be allocated to the Sri Lanka Foundation Institute for the technical and physical modernization activities required to provide training courses for adults working in the public and private sectors to acquire new knowledge
- A national program to expand English literacy in Sri Lanka will be prepared, with an initial allocation of Rs. 500 million to kick-start the program
- The Suraksha Sisu Insurance Scheme will be re-implemented
13.24 - Specific guidelines for the procurement of medicines will be issued and a separate agency for the same will be established
13.25 - Steps will be taken to increase investment in medical and health research, including the initial phase of strengthening the infrastructure and laboratory facilities of the Medical Research Institute, with an allocation of Rs. 75 million
13.26 - An allocation of Rs.300 million is allocated for establishing a cardiopulmonary resuscitation unit at the Badulla Teaching Hospital and for acquiring necessary equipment
13.32 - An allocation of Rs. 100 million will be made for establishing Ayurvedic treatment centres in tourist hotels and resorts in line with the Sri Lankan wellness concept
13.33 - All agricultural service centres will be upgraded to agricultural modernization centres. Starting from the 2024 Maha season, the government will allocate Rs. 2500 million to implement a joint program involving the private sector, farmers & agronomists
13.36 - A total of 300,000 acres of land, owned by public enterprises, Mahaweli "A" and "B" Zones, Land Reform Commission, etc., will be allocated for large-scale agricultural activities
13.39 - An allocation of Rs.500 million is designated to enhance fisheries in the North Sea, which produces 35% of the country's total fish harvest
13.40 - A sum of Rs. 200 million will be allocated for the development of the freshwater fishing industry
13.43 - A special program is initiated to increase milk production by 53% within 05 years, with the active participation of the private sector, effectively utilizing all farms under the National Livestock Development Board
- A new program is launched to boost the construction sector, starting with the construction of the new building complex for the Ministry of Foreign Affairs as its pilot project
13.43 - A provision of Rs.100 million is allocated to implement national branding efforts to reclaim Sri Lanka's status as a top tourist destination and an attractive investment hub
13.59 - A provision of Rs.100 million is allocated to implement national branding efforts to reclaim Sri Lanka's status as a top tourist destination and an attractive investment hub
14.02 - An allocation of Rs. 300 million is designated for a special program to economically empower the women and youth community engaged in the handloom industry
- An allocation of Rs. 2000 million is made to meet the resettlement needs of homeless families in the North East regions. Additionally, an extra Rs. 500 million will expedite the housing program and provide relief to families left without homes
14.03 - An additional Rs.1,000 million is appropriated, in addition to the Rs.1,500 million already allocated in the Appropriation Act, to expedite the payment of compensation to the missing and victims of the internal conflict in the North & East
14.04 - Initiation of a pilot project to run 200 electric buses jointly with the Transport Board in the Western Province
14.05 - The Kandy Multimodal Transport Centre project will start in January 2024 and Rs. 1.5 billion will be allocated for the development of its access roads
14.06 - An allocation of Rs. 2000 million is made to meet the resettlement needs of homeless families in the North East regions. Additionally, an extra Rs. 500 million will expedite the housing program and provide relief to families left without homes
14.07 - An additional Rs.1,000 million is appropriated, in addition to the Rs.1,500 million already allocated in the Appropriation Act, to expedite the payment of compensation to the missing and victims of the internal conflict in the North & East
14.10 - To address the drinking water problem in the Jaffna area, preliminary work on the Paaliaru water project will commence in the first half of 2024, with an allocation of Rs. 250 million
14.12 - A state contribution of Rs.500 million is allocated to restart the construction of the Galle District Auditorium, which was halted halfway
14.14 - An allocation of Rs. 250 million is made as a government contribution for the construction of an economic centre in Bandarawela and the provision of necessary infrastructure
14.15 - An additional Rs.2500 million will be allocated, in addition to the budget allocation already given, for the Lower Malwatu Oya project
14.16 - Rs. 100 million is allocated for the year 2024 towards the program to establish a modern international Buddhist library in Anuradhapura
14.18 - An allocation of Rs. 1.5 billion is earmarked in the budget for the development of school cricket in the island, providing necessary facilities to players at the provincial level, with priority given to schools and provinces with fewer facilities
14.20 - Initiation of a pilot project to run 200 electric buses jointly with the Transport Board in the Western Province
14.22 - The Kandy Multimodal Transport Centre project will start in January 2024 and Rs. 1.5 billion will be allocated for the development of its access roads.
14.25- The promotion of the export industry by the Provincial Councils is proposed & the limited powers of the Provincial Councils regarding industries under the Industrial Promotion Act No. 46 of 1990 will be amended.
14.27- An allocation of Rs 700 million is designated for the establishment of the National Jana Sabha Secretariat
14.28 - Rs.100 million will be allocated for the year 2024 to create a more convenient environment for investors, including automating the functions of all government agencies that provide services to investors
14.30 - An amount of Rs. 200 million has been earmarked for the National Single Window to bring all the border management agencies into a single digital platform and to facilitate seamless and timely processing of trade-related regulatory documents
14.31 - Establishment of the National Productivity Commission and an allocation of Rs.150 million for it
14.34 - Parliament adjourned. The debate of the second reading of the Appropriation Bill will commence on Tuesday 9.30 am.
