Nov 13, Colombo: President Ranil Wickremesinghe in his capacity as the Minister of Finance has commenced the presentation of 2024 Budget to the parliament this afternoon (13th).
The Appropriation Bill or Budget for the fiscal year 2024 called as “A Prelude to the Stable Future” presented to the Parliament by President Ranil Wickremesinghe is the 78th Budget of the country.
Unveiling the 2024 budget, President Ranil Wickremesinghe asserted that Sri Lanka’s economy, which had faced setbacks, successfully regained momentum in the previous year. Despite the collective efforts of hardworking individuals, there were others who attempted to hinder the nation’s progress, the President said.
Highlighting a pragmatic perspective, the President emphasized that advancing a nation requires more than mere fairy tales.
He underscored that the prolonged reliance on election promises by political parties has historically led to the economic bankruptcy of the country. Regrettably, some factions within the nation have yet to grasp the gravity of this situation.
Emphasizing the challenging nature of revitalizing a financially troubled nation, the President 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, the President attributed it to the government’s economic reform program.
He emphasized that this initiative has established a foundation for progress, steering clear of the economic challenges experienced in 2022.
During the presentation of the 2024 budget, the President highlighted the prevention of hyperinflation, attributing the country’s rescue to the successful reduction of the inflation rate to a single digit.
The President acknowledged the consistent borrowing from state banks to offset the losses incurred by financially struggling state entities like the Ceylon Electricity Board and the Ceylon Petroleum Corporation. He underscored the necessity of utilizing taxpayers’ money to safeguard the stability of banks, preventing their weakening and potential collapse.
The President affirmed that persisting on the challenging course would lead to the creation of a more favorable economic environment. Reflecting on the past year, he expressed absolute confidence that the country is unequivocally on the correct trajectory.
Unveiling the 2024 budget, the President pledged his commitment to humbly identify the shortcomings encountered in the journey thus far and rectify them.