ECONOMYNEXT – Sri Lanka’s budget for 2024 was passed with 122 of the 225 house voting in favour, Parliamentary Speaker Mahinda Abeywardana said.
There were 77 opposing votes.
The budget lays the foundation for the economy to grow by 1.8 percent in 2024, State Minister for Finance Shehan Semasinghe said.
Sri Lanka is hoping to boost revenues to 13 percent of gross domestic product in 2024 with value added tax raised from 15 to 18 percent, many exemptions removed, and broadening the income tax base.
The budget also creates a framework for investors to come to the country, Foreign Minister Ali Sabry said.
Opposition legislator Harsha de Silva, who chairs the Committee on Public Accounts said the budget violated a Fiscal Management Responsibility Law and an amendment should be moved as the deficit was higher than 5 percent of GDP.
Semasinghe said a new Fiscal Management Law would be brought next year, but the issue can be discussed. (Colombo/Nov21/2023)