President to unveil UPFA govt’s eighth budget
* Aims to build on
sound fiscal policy
* Accent to be laid on
growth
Irangika Range
President Mahinda Rajapaksa will present Independent Sri Lanka’s 66th
budget in Parliament today.
President Rajapaksa who assumed office as the fifth Executive
President on November 17, 2005, presented his first budget the same
year. This will be the eighth budget presented by President Rajapaksa in
his capacity as the Finance and Planning Minister.
Budget 2013 is expected to contain fiscal proposals that will
accelerate the post - war development drive and consolidate the firm
economic foundation laid by the seven previous budgets presented by the
President, Finance Ministry sources said.
The country achieved several long term economic
benefits as a result of the prudent fiscal policies laid down in the
previous budgets presented by President Rajapaksa.
It is specially significant that the country has achieved an eight
percent economic growth rate two years in a row for the first time.
Sources said Budget 2013 would be development oriented and SME
friendly and would take the country another step closer to its coveted
goal of being the 'Wonder of Asia'.
Budget 2013 has laid emphasis on priorities identified under the
Medium Term Expenditure Framework 2013-2015 and for the completion of
development programmes in progress.
This will be a realistic budget in a bid to achieve socio-economic
targets of the country. As Sri Lanka heads forward to become the Wonder
of Asia, top corporate and business personalities, both home and aboard,
are confident that Sri Lanka is poised to become a regional hub in the
fields of aviation, ports, energy, knowledge and tourism, the sources
added.
Containing the annual inflation rate under seven percent is the
remarkable achievement of the government. It has been able to maintain
the inflation rate at single digit level for the last 43 months. they
said.
The budget aims at bringing down the deficit from 6.8 percent of the
Gross Domestic Product to 6.1 percent. It is also expected to maintain
an eight percent economic growth rate next year. State investments will
be maintained at 6.5 percent of the GDP, government sources told the
Daily News.
All previous budgets presented by the UPFA government targeted
poverty alleviation. As a result, the poverty rate has been brought down
to 8.5 percent from the earlier 28 percent. The unemployment rate too
has been brought down to less than five percent.
President Mahinda Rajapaksa in his capacity as the Finance and
Planning Minister and the General Treasury had consulted each line
ministry and other stakeholders prior to to preparing the Appropriation
Bill 2013 to formulate a realistic budget.
Economic analysts and top corporate and business personalities
anticipate a business and investor-friendly budget. Budget 2013 is also
aimed at rapid economic development and the government has taken policy
decisions to protect local industries and local entrepreneurs.
The second reading on the Appropriation Bill will commence on
November 9 and continue until November 17 (seven allotted days). The
second reading will take place on November 17 at 6.00pm. The committee
stage debate will begin on November 19 and continue until December 8 (16
allotted days). The third reading vote will be taken on December 8.
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