Daily News Online

DateLine Wednesday, 7 November 2007

News Bar »

    News: PM urges vigilance ...            Political: Budget 2008 catalyst for progress  ...           Business: Budget to focus on infrastructure development  ...            Sports: Lankan batsmen in for 'chin music' ...

Home

 | SHARE MARKET  | EXCHANGE RATE  | TRADING  | PICTURE GALLERY  | ARCHIVES | 

dailynews
 ONLINE


OTHER PUBLICATIONS


OTHER LINKS

Marriage Proposals
Classified
Government Gazette

A budget under trying times

The fourth budget of the UPFA Government and the third under the stewardship of President Mahinda Rajapaksa will be unveiled today in Parliament by the President as Finance Minister, at a time the country is poised at an important cross roads on many fronts.

On the one hand the country is on the threshold of a decisive phase in its military campaign to crush the LTTE while on the other, the economy has been taking a severe beating under the weight of galloping fuel prices in the world market.

This however has not detracted the Government from its development drive and credit for this show go to the President for forging ahead amidst adversity.

It is in this context that today's budget assumes significance for there will be many factors and forces that would need to be balanced to push the country forward on an even keel.

The public at large no doubt would be praying for some relief to tide over the soaring cost of living while there will also be much expectations from wage earners and the working public in general for a pay hike that would ease their burdens.

On the kitchen front a reduction in the prices of essential commodities are expected and an ease on the family budget while pensioners who have been complaining of unfair treatment too will be hoping for some relief.

On the other hand, the business community too will have their fingers crossed with anticipation speculating on what incentives or new taxes will be in store. The President in his budget speech is also due to announce new revenue collecting methods by expanding the tax net.

Budget 2008 as everyone will acknowledge is being presented at a decisive stage especially when the eyes of the entire Nation is on the military front. There will be many who be willing to endure sacrifices to rid the country of the scourge of terrorism.

At the same time the Government cannot ignore the immediate hardships encountered by the people due to high inflation. Hence the President is in an unenviable position to deliver a budget that would satisfy all segments, plagued as the economy is by mounting deficits caused by global factors that has had a knock down effect on almost all essential commodities.

The President no doubt will do his best to convince the public on the need for some form of austerity at a time the Security Forces are enduring much sacrifices. But he would also be mindful of the various outstanding issues that he has to grapple with such as the demands of the unemployed graduates and the issue of teacher salaries for which huge allocations would have to be made.

Since the battle against the LTTE is being fought in earnest with the Security Forces almost poised to enter the lair of the tiger the President no doubt would justify the increase in the Defence budget while also reiterates his commitment to a negotiated settlement as he did during last year's budget.

True, there will be those who may try to declare this a 'war budget' but no body could find fault with the President for giving precedence to the Defence establishment at a time the Forces are scenting victory.

It is in this context that one would expect the President to appeal to the people to bear with the hardships to achieve the larger goal of eradicating terrorism that has been the main stumbling block in the Government's development drive.

The President will also no doubt stress on the investor confidence in the country as demonstrated by the Government's success with its sovereign bond issue where it obtained the US$ 500 million HSBC loan.

He is also expected to enumerate on the progress achieved in the Government's 10 year development plan while also dwelling on the new mega development projects such as work on the Hambantota Port, Norochcholai etc.

Unlike in the past, when budget day was a much looked forward to event, today the people hardly pay any attention to it. This is due to the growing public perception that present day budgets go hay wire in no time with Governments resorting to supplementary estimates to tide over financial woes.

Already the price of liquor and fags are up and there is no knowing what more is in store. Time was also when there was large scale hoarding of goods before budget day by traders while 'budget leaks' formed major scoops for journalists that enabled the public to stock particular goods in advance.

In addition the public waited with the bated breath for budget surprises and were glued to the radios during the budget speech. Alas, no longer is this element evident on budget day and people carry on regardless unhampered by budget blues.

D. A. Rajapaksa who felt the heartbeat of the People

40th death anniversary of D. A. Rajapaksa falls today:

It is a Buddhist principle to honour those who are worthy of honour. Accordingly the celebrations organised by the people to commemorate late D. A. Rajapaksa and express gratitude to him who has rendered a great service to the people should be appreciated. D. A. Rajapaksa entered politics accidentally.

Full Story

Tigers' global fundraising and weapons-smuggling network

He's known as KP, and he's exactly the kind of man you would imagine running a shadowy smuggling network that stretches from the beaches of northern Sri Lanka to the skyscrapers of New York.

Full Story

 

EMAIL |   PRINTABLE VIEW | FEEDBACK

Gamin Gamata - Presidential Community & Welfare Service
www.ceylincocondominiums.com
www.cf.lk/hedgescourt
www.buyabans.com
Ceylinco Banyan Villas
www.srilankans.com
www.lankafood.com
www.vocaltone.com/promo/Call_to_sri_lanka.html
www.topjobs.lk
www.army.lk
www.news.lk
www.defence.lk
www.helpheroes.lk/
www.peaceinsrilanka.org

| News | Editorial | Business | Features | Political | Security | Sport | World | Letters | Obituaries |

Produced by Lake House Copyright © 2006 The Associated Newspapers of Ceylon Ltd.

Comments and suggestions to : Web Editor