What are the key highlights of Sri Lanka's Budget for the fiscal year of 2024
Sri Lankan President Ranil Wickremesinghe unveiled the country’s Budget for the fiscal year of 2024.
The key highlights of Sri Lanka's Budget for the fiscal year of 2024, as unveiled by President Ranil Wickremesinghe, are as follows:
- Fiscal discipline: The budget aims to maintain fiscal discipline by reducing the fiscal deficit to 3.5% of GDP.
- Infrastructure development: Significant investments are planned for infrastructure development, including roads, ports, and airports, to enhance connectivity and promote economic growth.
- Economic diversification: The budget focuses on diversifying the economy by promoting sectors such as tourism, agriculture, manufacturing, and information technology.
- Investment promotion: Measures are introduced to attract foreign direct investment, including tax incentives and simplification of procedures for business establishment.
- Education and skill development: The budget aims to enhance education and skill development initiatives to create a highly skilled workforce and support economic growth.
- Social welfare: The government plans to increase social welfare spending, including initiatives to improve healthcare, housing, and social security programs.
- Tax reforms: The budget proposes simplifying the tax system, reducing tax rates, and expanding the tax base to promote investment and economic activity.
- Green initiatives: Focus is given to environmentally friendly initiatives, such as promoting renewable energy and sustainable development practices.
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