{"id":108744,"date":"2020-11-17T15:35:56","date_gmt":"2020-11-17T22:35:56","guid":{"rendered":"http:\/\/www.lankaweb.com\/news\/items\/?p=108744"},"modified":"2020-11-17T15:35:56","modified_gmt":"2020-11-17T22:35:56","slug":"full-budget-speech-of-the-pm-sessions-adjourned","status":"publish","type":"post","link":"https:\/\/www.lankaweb.com\/news\/items\/2020\/11\/17\/full-budget-speech-of-the-pm-sessions-adjourned\/","title":{"rendered":"Full budget speech of the PM – sessions adjourned"},"content":{"rendered":"

Courtesy\u00a0 Hiru News <\/em><\/span><\/h2>\n\n\n

https:\/\/drive.google.com\/file\/d\/1lMO42oewnZzRT1SaMU2oWUOW5ieQUjrt\/view<\/a><\/p>\n\n\n\n

PM making the budget speeach today said “It is with great pleasure that I present the budget speech 2021, which focuses on strengthening the 2021-2023 medium term programme of poverty alleviation and economic revival as envisaged within the “Vistas of Prosperity and Splendour”, the policy framework of the government of HE the President Gotabaya Rajapaksa”<\/p>\n\n\n\n

Macro-Economic Road Map<\/p>\n\n\n\n

According to the macro-economic programme of Vistas of Prosperity and\u00a0splendour\u201d, our target is to maintain an inclusive growth rate of 6 percent over the\u00a0medium term. <\/p>\n\n\n\n

Various proposals and concessions were shared by the Prime Minster (the full speach can be accessed\u00a0<a href=”https:\/\/drive.google.com\/file\/d\/1lMO42oewnZzRT1SaMU2oWUOW5ieQUjrt\/view?usp=sharing<\/a>“>Full Budget Speech English<\/p>\n\n\n\n

Conclusions<\/p>\n\n\n\n

Concluding the presentation the PM stated the following;<\/p>\n\n\n\n

Honourable Speaker,<\/p>\n\n\n\n

This is a development budget presented to elevate an economy that has been\u00a0shattered. It covers all sectors under a macroeconomic vision aimed at fulfilling the\u00a0Vistas of Prosperity and Splendour\u201d. This is a budget that will open up numerous\u00a0special investment opportunities to our business community for production of local\u00a0goods and services under the competitive setting of the global economy. Producers\u00a0of all scales should strive during the next 3 years to allow local economy to\u00a0competitively enter to the global economy. The public sector should provide the\u00a0necessary support in this regard.<\/p>\n\n\n\n

For the benefit of the country, I request from all entrepreneurs to utilize the funds\u00a0hidden locally or internationally in order to evade laws relating to taxes and foreign\u00a0exchange. It is expected to make legal provisions to provide a tax pardon to\u00a0entrepreneurs thus utilizing funds for any investment facilitated by this budget\u00a0under the payment of taxes amounting to 1 percent.<\/p>\n\n\n\n

The estimated Government Revenue for 2021 is Rs. 1,961 billion. The total\u00a0Government expenditure is Rs. 3,525 billion and as such the difference between the\u00a0revenue and the expenditure is Rs. 1,564 billion. It is planned to maintain the budget\u00a0gap at 9 percent of the GDP since the private investments which amounted to 32.3\u00a0percent of the GDP in 2014 has decreased up to 27.6 percent in 2019 and since it is\u00a0required to provide a robust start by the government to revive the economic growth\u00a0which had stagnated recently. <\/p>\n\n\n\n

I believe that we can manage this budget gap, due to enhanced opportunities to\u00a0reissue local and international currency denominated debt at maturity. Interrelated\u00a0development proposals presented under this budget are appropriate for rural as well\u00a0as urban settings, traditional as well as modern contexts, micro financial as well as\u00a0capital market objectives will lead to an increase of the present low level of economic\u00a0capacity utilization. The expected economic growth rate for 2021 is 5.5 percent. <\/p>\n\n\n\n

I\u00a0emphasize that it is our medium term vision to reduce the budget gap through\u00a0increasing the economic growth up to 6 percent and increasing the government\u00a0revenue from its current level of 9.7 percent to 14.1 percent. By 2025, the budget\u00a0deficit is targeted to be 4 percent due to growth in tax revenue through the\u00a0expansion of the economy and the trust placed on the management of public expenditure and public enterprises. I request all of you to give your blessing to the\u00a0development budget aimed at economic revival and poverty reduction”<\/p>\n\n\n\n

Full budget speech of the Prime Minister can be accessed here<\/p>\n\n\n\n

English\u00a0<a href=”https:\/\/drive.google.com\/file\/d\/1lMO42oewnZzRT1SaMU2oWUOW5ieQUjrt\/view?usp=sharing<\/a>“>Full Budget Speech English<\/a><br \/><br \/>Sinhala\u00a0<a href=”https:\/\/drive.google.com\/file\/d\/1gZvY52j4_w8actKohSxutnZGJ4H92b1A\/view<\/a>“>Budget Speech Sinhala<br \/><\/a> <\/p>\n\n\n\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

Courtesy\u00a0 Hiru News https:\/\/drive.google.com\/file\/d\/1lMO42oewnZzRT1SaMU2oWUOW5ieQUjrt\/view PM making the budget speeach today said “It is with great pleasure that I present the budget speech 2021, which focuses on strengthening the 2021-2023 medium term programme of poverty alleviation and economic revival as envisaged within the “Vistas of Prosperity and Splendour”, the policy framework of the government of HE the President Gotabaya […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":true,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"class_list":["post-108744","post","type-post","status-publish","format-standard","hentry","category-politics"],"_links":{"self":[{"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/posts\/108744","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/comments?post=108744"}],"version-history":[{"count":0,"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/posts\/108744\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/media?parent=108744"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/categories?post=108744"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/tags?post=108744"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}