Govt. will present a ‘non-traditional’ Budget: P.B. Jayasundera

Wednesday, 3 November 2021 00:25 - - {{hitsCtrl.values.hits}}

Secretary to President Dr. P.B. Jayasundera

Treasury Secretary S.R. Attygalle

Secretary to the President Dr. P.B. Jayasundera yesterday said that he believes a Budget with a new vision and program that goes beyond the traditional exercise would be presented to the country next week.

He said that priority would be given to the fields of green economy, renewable energy, information technology, and digital governance, and that special attention had been drawn to increasing the income of the country working within the national policy framework ‘Vistas of Prosperity and Splendour’.

Jayasundera, along with Ministry of Finance Secretary S.R. Attygalle, spoke on the upcoming Budget to journalists at a briefing titled ‘Future Budget and the Economic Situation of the Country’ held at the Presidential Media Centre via video technology.

Finance Minister Basil Rajapaksa will present the 2022 Budget on 12 November.

Jayasundera said that the production volume of goods and services should be increased to generate revenue for the country. Therefore, he added, revenue policies that can increase the volume of goods and services will be included in this Budget. The Secretary pointed out that the rural agrarian economy should be uplifted and the development of infrastructure facilities in this regard had been identified as a priority.

He also said that a country conducive for local entrepreneurs, new investors and tourists should be created, and that, in addition to the country’s resources, new investment opportunities would be created for the country through these initiatives.

“Many in the region are looking at our country to obtain financial advantages of its geographical location,” the Secretary to the President pointed out, adding that the nation’s economic revival requires alternative centres and that this economic revival will not take place within the existing economic model but on the requirements based on a green economy, renewable energy, information technology, and digital governance.

Jayasundera commented extensively on the damage caused to the world economy by the COVID-19 pandemic and its impact on Sri Lanka. He also explained the payment of salaries to public servants, the rest of the expenditure being made without any deductions and the economic process carried out by the Government without disrupting the day-to-day lives of the people.

“The supply chains in the world as well as in our country were disrupted due to the pandemic,” he said, adding that the country’s production needs to be enhanced and distribution methods properly created. He also expressed confidence that the removal of inter-provincial travel restrictions would help achieve the country’s return to normalcy.

Finance Ministry Secretary Attygalle said a new economic growth was expected along with the normalisation of the country. He pointed out that continuing to widen the budget deficit was not in the best interest of the country and that this year’s Budget would focus on reducing that gap.