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Govt. in balancing act between social welfare and fiscal stability with Budget 2023

14 November 2022 06:15 am - 15     - {{hitsCtrl.values.hits}}


Ahead of today’s budget presentation, the government yesterday disclosed plans to prop up State expenditure by 29.2 percent to provide relief to the economically-battered population while moving towards fiscal stability and expecting a gradual economic recovery.
State Minister of Finance Ranjith Siyambalapitiya yesterday said that all preparations are made to present the 2023 budget with an expenditure of Rs.7.88  trillion.
However, he noted that the fiscal deficit will be contained at Rs.1.78 trillion.

Earlier, the government had announced to cut the fiscal deficit to 6.8 percent of GDP in 2023 from a projected 9.9 percent in line with the  2023-2025 medium-term fiscal policy framework endorsed by the IMF.
According to Siyambalapitiya, more than half of the State expenditure amounting to Rs.4.2 trillion is set  be allocated for loan repayment and interest payments,  followed by recurrent expenditure amounting to Rs.2.44 trillion, which includes salary and pension payments of public sector workers coupled with subsidies.
He highlighted that the government would be trimming down the defence budget for the first instance in years in order to strengthen the social safety net.

Accordingly, the government is expected to allocate Rs.572 billion for social safety net programmes initially while increasing the expenditure on public education and health to Rs.432 billion and Rs.410 billion respectively.
Meanwhile, the government plans to allocate  Rs.1.22 trillion as capital expenditure and a significant chunk of it is set to go towards settling  pending  arrears  worth billions to contractors for completed projects.
In conclusion, Siyambalapitiya stressed that in 2023 Sri Lanka would begin the path towards gradual economic recovery.

  Comments - 15

  • sam Monday, 14 November 2022 07:46 AM

    State expenditure on ministers and politicians should be determined first

    Sambo Monday, 14 November 2022 08:00 AM

    We have witnessed so many budgets in our lives and cannot expect nothing but more sufferings from this budget as well. These are party oriented budgets and nothing in it for the poor man.

    Reduce price of essentials. Monday, 14 November 2022 08:33 AM

    Hope your social welfare will not include Rajapakshas and his faithfuls

    sam Monday, 14 November 2022 08:52 AM

    Very easy if wastage on politicians expenses are curtailed

    joshua Monday, 14 November 2022 08:57 AM

    Gradual economy recovery will happen only after the inefficient morons in the Parliament, corruption etc is wiped out. The budget will just be another eyewash. Only thing the Government is knows to increase tax revenue and has no plans whatsoever to reduce wastage and revitalize the public sector.

    Hubert Congreve Monday, 14 November 2022 09:10 AM

    You guys are bluffing, probably there will be a heavy tax burdened the public. Get lost....

    Earnest Thomas Monday, 14 November 2022 09:13 AM

    Rather than recovering the looted money from Rajapakshe family squeezing our neck with this un-wanted budget is absurd.

    Kamal Bolawansa Monday, 14 November 2022 09:14 AM

    Fold your dam budget and keep it under your feet. Bull shit budget.

    Jude Monday, 14 November 2022 09:53 AM

    Hello, out of the fiscal deficit Rs.150 billion a year gonna be losses from SRILANKAN AIRLINES!! Yeah, ground the bloody thing!!

    Jude Monday, 14 November 2022 10:01 AM

    Give notice to 50% of government employees that in 2 years their jobs are redundant and they have to take up agriculture, and or livestock or poultry !! Yeah,!! Government back loans Will be provided !!

    Jude Monday, 14 November 2022 10:11 AM

    Hey Ranjith, SRILANKAN AIRLINES cash hemorrhaging!!

    Maheepala Monday, 14 November 2022 12:02 PM

    What about wastage and stealing. How will that be balanced? These corrupted politicians, trying to fool the masses all the time.

    Timothy Perera Monday, 14 November 2022 06:34 PM

    Stop serving “ BASMATHI” rice to the Parliamentarians and serve them with SALAYA fish and some cheap vegetables. Then only they will realise the difficulties the ordinary people are facing. Give them plain tea and ordinary jaggery. No milk.All these fellows are looking like elephants and alligators..these fellows were all under fed fellows before they entered Parliament.

    Dee Monday, 14 November 2022 09:56 PM

    Defence budget needs to be pruned down!

    Punchi Tuesday, 15 November 2022 07:41 AM

    Received a WhatsApp video of someone pontificating on the budget who says that state revenue is Rs 3 trillion whereas anticipated state obligations and expenditure is Rs 8 trillion and questioning how the difference is going to be funded. Maybe we should identify rich Sri lankan descent demilos living overseas and impose on them an extra territorial descendant tax for the benefits that their ancestors enyoyed in our blessed paradise.

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