– “We want to fast track the journey towards a production economy. Therefore, SMEs should be further strengthened, encouraged and facilitated. For this purpose, we are introducing a concessionary loan scheme of around Rs. 30 billion with the support of the Asian Development Bank.”
Accordingly, the total amount allocated for the development of SMEs is Rs. 50 billion. As a result a financial space worth around Rs. 250 billion is created, the President said.
– An additional allocation of Rs. 55 billion will be directed towards completing projects that were temporarily halted due to the economic crisis, the President said while delivering the budget speech.
– President said it is necessary to develop a national programme to enhance English literacy in Sri Lanka. The aim of this programme is to provide English literacy to all by 2034, eh said, adding that Rs. 500 million will be allocated to start this ten-year programme.
– A new Technology University to be established in Kandy under the guidance of IIT University in Chennai, India. India will fully support us in this endeavor, he said.
– President proposed to establish an Education University focused on education by integrating 19 Colleges of Education.
– President said that steps will be taken to establish four new universities considering the current trends for the technical sector.
1. Seethawaka Science and Technology University (Lalith Athulathmudali Post Graduate Institute will be incorporated to this University)
2. Kurunegala Technology University under the Kothalawala Defence University.
3. Management and Technology University
4. International University of Climate Change
– President said that laws will be introduced to recognize the private higher education institutions NSBM, SLIIT, Horizon Campus and Royal Institute as private universities.
– Wickremesinghe said several key institutions will be established under the proposed education reforms. These are the Higher National Council on Education, National Higher Education Commission and the National Skills Commission.
– He said that Rs. 200 million will be allocated to develop the freshwater fish industry in the country.
– President proposed to allocate Rs. 10 billion for the year 2024 for the renovation of rural roads which have become dilapidated.
– Roads and bridges were damaged due to floods and landslides, the President said. “I allocate Rs. 2,000 million to rehabilitate damaged rural roads.”
– President said that a monthly allowance of Rs. 4,500 will be provided for pregnant women and that Rs. 02 billion will be allocated for this purpose.
– President Wickremesinghe announced that estate workers will be granted land rights and build houses for them. As the initial step, he said they expect to allocate Rs. 4 billion for this.
– President said that the collection of rent from houses provided on an interest basis to urban low-income families will be entirely halted, and that efforts will be made to transfer ownership of these houses to the occupants. In 2024, nearly 5O000 families will be given the ownership of these houses.
– The monthly Cost of Living allowance for pensioners will be increased by Rs. 2,500 to Rs. 6,025 and will be paid from April 2024.
– President said the monthly allowance for people with disabilities and kidney patients will be increased by 50% (from Rs. 5,000 to Rs. 7,500) while the allowance for senior citizens will be increased from Rs. 2,000 to Rs. 3,000. This will come into effect from January 2024.
– The Cost of Living Allowance provided to public sector employees will be increased by Rs. 10,000 effective from January 2024. However, it will be added to their salaries from April 2024, he said. Accordingly the allowance will increase from Rs. 7,800 to Rs. 17,800.
– President Wickremesinghe highlighted that the government allocates Rs. 383 billion monthly for three primary expenditures. This includes Rs. 93 billion for public sector salaries, Rs. 30 billion for ‘Aswasuma’ benefits, medicines and pension payments and Rs. 220 billion to cover loan interest payments.
– 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 and regulations for restructuring the inefficient CEB into a more streamlined and efficient institution
– The President acknowledged the consistent borrowing from state banks to offset the losses incurred by financially struggling state entities like the Ceylon Electricity Board (CEB) and the Ceylon Petroleum Corporation (CPC).
He underscored the necessity of utilizing taxpayers’ money to safeguard the stability of banks, preventing their weakening and potential collapse.
– During the presentation of the 2024 budget, President Wickremesinghe highlighted the prevention of hyperinflation, attributing the country’s rescue to the successful reduction of the inflation rate to a single digit.
– Unveiling the 2024 budget, President Wickremesinghe pledged his commitment to humbly identify the shortcomings encountered in the journey thus far and rectify them
– 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.
– President Wickremesinghe announced that estate workers will be granted land rights.
– President said that the collection of rent from houses provided on an interest basis to urban low-income families will be entirely halted, and that efforts will be made to transfer ownership of these houses to the occupants.
– Presenting the 2024 budget, President Ranil Wickremesinghe urged a cessation of spreading political illusions.
He called upon everyone to wholeheartedly commit to the country’s betterment, emphasizing a shift from political considerations to a sincere focus on the nation’s well-being.
– Emphasizing the challenging nature of revitalizing a financially troubled nation, President Ranil Wickremesinghe cautioned against constructing ambitious projects solely for political gain. He underscored that pursuing dream palaces for short-term political objectives might risk pushing the country back into bankruptcy
– Highlighting the success of the on-going journey, President Ranil Wickremesinghe attributed it to the government’s economic reform programme.
He emphasized that this initiative has established a foundation for progress, steering clear of the economic challenges experienced in 2022 .
– Regrettably, some factions within the nation have yet to grasp the gravity of this situation, he said.
– He underscored that the prolonged reliance on election promises by political parties has historically led to the economic bankruptcy of the country.
– Highlighting a pragmatic perspective, President emphasized that advancing a nation requires more than mere fairy tales.
– Despite the collective efforts of hardworking individuals, there were others who attempted to hinder the nation’s progress, he charged.
– Delivering the 2024 Budget Speech, President Ranil Wickremesinghe asserted that Sri Lanka’s economy, which had faced setbacks, successfully regained momentum in the previous year.