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| Monday, 13 October 2003 |
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Govt. to outline three-year economic strategy in 2004 Budget by Ravi Ladduwahetty The Government will outline a three year economic development program to broadbase the economy when Finance Minister K.N. Choksy presents the United National Front third Budget in Parliament on November 12. This decision has been taken at the Cabinet Sub-Committee on Economic Affairs chaired by Prime Minister Ranil Wickremesinghe. The other members of the Committee are Finance Minister Choksy, Minister of Enterprise Development, Industrial Policy, Investment Promotion and Constitutional Affairs Prof. G. L. Peiris, Minister of Rural Economy and Deputy Minister of Finance Bandula Gunawardena and Minister of Economic Reforms, Science and Technology Milinda Moragoda. "The idea is to formulate a three year strategy and a framework of the Government's economic policy in order to enhance investor confidence," Minister of Rural Economy and Deputy Minister of Finance Bandula Gunawardena told the Daily News yesterday. The Budget will also outline a series of incentives for the development of all sectors of the economy with special emphasis on industry, agriculture, trade, tourism and plantations. Welfare expenditure for health, education and housing have also been increased. "The formulation of the three year strategy will mean that the Government will announce the projected revenue, expenditures and the deficits for the three years for 2004, 2005 and 2006. This will also include the disclosure of inflationary trends; also borrowings of the Government," Minister Gunawardena said. He explained that inflation was expected to decline to between 6 and 7 percent in 2004 according to current projections, while conceding that the final estimates were not ready yet. The 2004 Budget will also ensure that there will be wage increases for all public servants and for the pensioners will also be benefitted by increases. Special welfare measures for senior citizens and for children are also proposed. Responding to a question as to what financial allocation has been made for the increase in the Wages and Pensions Bills, the Minister said that the allocation will depend on the rate of increase which will be decided on the eve of the budget on November 11. Proposals for the simplifications of the tariff structure with a single band tariff structure is also on the cards. He said that it was indeed hilarious to read newspaper reports that said that the Opposition claimed that it will present a Budget for every Budget that the Government will present. The role of presenting a Budget is an obligation of the ruling party and the role of the Opposition is to present more innovative methods of regulating public finance, the Minister said. |
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