Govt. boosts decentralised funds allocation by 500% to catalyse local development

Saturday, 27 January 2024 02:05 - - {{hitsCtrl.values.hits}}

State Minister of Finance Ranjith Siyambalapitiya

State Minister of Finance Ranjith Siyambalapitiya says funds allocated as per district population ratio
Opines increase funds aim to boost regional development, address specific needs at grassroots level

State Minister of Finance Ranjith Siyambalapitiya this week said the Government has increased the decentralised funds allocation by 500% from Rs. 2,250 million to a staggering Rs. 11,250 million for the year to empower local development initiatives.

He noted that the increase in decentralised funds is part of the Government’s commitment to boost regional development and address specific needs at the grassroots level.

The State Minister highlighted that these funds have been allocated according to the district population ratio, maintaining a precedent set-in previous years.

Speaking to the media after a program in Ruwanwella, Siyambalapitiya acknowledged the economic challenges faced by the country, revealing that decentralised funds were withheld for the past few years due to these issues.

“However, this year’s remarkable increase signifies a strategic effort to reinvigorate local development despite economic difficulties. The move will have a positive impact on various districts, providing resources to address unique challenges and promote equitable growth,” he added.

As the funds are distributed based on the district population ratio, he said this approach aims to ensure a fair and balanced allocation, catering to the specific needs of each region.

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