In Sri Lanka, a preliminary discussion on the final phase of drafting the Budget 2025, which is scheduled to be presented to Parliament on Monday, was held this afternoon at the Presidential Secretariat. The discussion was led by President Anura Kumara Disanayake and attended by several ministers and officials of the government.
Industry experts expect a populist approach towards the NPP government’s first budget as the debt stricken nation still faces several challenges including shortage of rice. People also expect salary hikes of public sector employees as well as some relaxation in taxation proposals. It is being speculated that additional revenue can be obtained from the import of cars which the government has allowed from this month. At the same time, the government will have to adhere to Public Finance Management Act under which the primary expenditure needs to be kept under 13 percent of the GDP. Due to holding of Presidential and Parliamentary elections in the last few months of 2024, budget for 2025 is being presented now. Sri Lanka’s Parliament had approved a vote on account to ensure public spending for first four months of 2025.