Budget 2008 catalyst for progress
Rasika Somarathna
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President Mahinda Rajapaksa will present the Budget for the year
2008 this morning and the people await to see what is in store
for them. Here the President putting the final touches to the
Budget proposals assisted by State Revenue and Finance Minister
Ranjith Siyambalapitiya and Finance Ministry Secretary Dr. P. B.
Jayasundera.
Picture by Sudath Silva
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Budget-2008 being presented at a most challenging time in the
country's recent history would act as a catalyst for peace and
development, Minister of State Revenue and Finance Ranjith
Siyambalapitiya said yesterday.
President Mahinda Rajapaksa who is also the Finance Minister will
present the Budget proposals in Parliament this morning.
Citing issues such as terrorism, sky rocketing oil prices and regular
price increases in essential food items, the Minister said the country
was able to weather the storm reasonably which was felt all over the
world, with careful financial management.
The Minister stressed that this year's budget proposals would
concentrate on long term plans for development by keeping an acceptable
balance between development and social welfare in line with the
Government's 10 year development plan envisaged in the Mahinda Chinthana.
Finance Secretary Dr. P.B. Jayasundera addressing the media noted
that the priorities would be to take infrastructure development forward
and implementing meaningful steps to bring down the COL and inflation
and also keep the budget deficit within manageable limits.
Looking at the challenges ahead, Dr. Jayasundera pointed out that the
budget proposals would concentrate on achieving equity in development
laying a platform for stable peace within the country.
Dr. Jayasundera added that mega development projects like the
Hambantota port project would be enacted and steps would be taken to
bring down the cost of electricity etc. which would have a significant
impact on the economy.
He also added that the rising COL was due to the oil shock, shortage
of milk production and the vagaries of the weather adding that the
proposals would be presented as tight monetary policy, managing deficit,
infrastructure development and strengthening trade network to address
the issue.
Dr. Jayasundera emphasised that the third budget under the Mahinda
Chinthana was formulated by taking into consideration proposals
presented by various sectors including political parties.
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