July 05, Colombo: The Cabinet of Ministers has approved a proposal tabled by the Prime Minister Ranil Wickramasinghe in his capacity as the Minister of Finance to present a new budget for the year 2022.

The new budget is to be presented for this year taking into account the devaluation of the rupee and the rise in inflation, as well as the shortage of essential goods such as fuel, gas and electricity.

Normal livelihoods have been affected due to exchange rate depreciation, rising inflation and shortage of essential commodities like fuel, gas and electricity. Also, it has affected the sectors like agriculture, transportation, industries and exports and has made people's life in a very uncomfortable situation, a statement on cabinet decisions said.

Based on this situation, the Cabinet of Ministers, at the meeting held on June 6, 2022 has approved to present a new budget for the year 2022.

Taking into account all the relevant facts the Cabinet of Ministers approved the proposal presented by Hon. Prime Minister in his capacity as the Minister of Finance, Economic Stability and National policies to revise the budget estimates adopted by Appropriation Act No. 30 of 2021 for the year 2022 and to submit the bill prepared by the legal draftsman and cleared by the Attorney General, after publication in the Government Gazette, to the parliament for approval.