President AKD unveils pro-people Budget for 2025

Tuesday, 18 February 2025 01:15 - - {{hitsCtrl.values.hits}}

President and Finance Minister Anura Kumara Dissanayake yesterday presented what many described as a “pro-people” Budget for 2025, packed with relief whilst incentivising the private sector and continuing the reforms process in line with the International Monetary Fund (IMF) program.

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In a speech laden with optimism and nationalistic fervour, he framed the Budget as a once-in-a-generation opportunity to propel Sri Lanka into a new era of prosperity, calling on all Sri Lankans – at home and abroad – to contribute and unite in a bid for transformation.

“This is a chance for a united Sri Lanka, a clean Sri Lanka, a prosperous Sri Lanka,” he declared in Parliament, positioning the National People’s Power (NPP)-led Government’s economic policies as a decisive break from past mismanagement. His speech was not just an economic blueprint, but a political manifesto, asserting that the country has finally transcended ethnic, religious, and class divisions.

Though noting the 2025 Budget is prepared under significant constraints, the President stressed: “This Budget becomes historic as it lays the foundation for fulfilling those aspirations of the people for economic transformation of the country, by driving the economy towards sustainable growth and development.”

“Economic growth must take place in a manner that is inclusive, where all citizens have enhanced economic opportunities, and the resultant benefits are reaped fairly by all strata of society. Growth for the sake of growth has little value to society unless it is a means to uplifting the lives of all members of society. For several decades, economic activity and economic benefits have been concentrated amongst the few,” he revealed.

“In this year’s budget, we have been able to allocate funds for many of our key priorities, although it may not be to the fullest extent that is desired. Whilst these focus areas are different to traditional budgets, we have also allocated funds for the continuity of ongoing initiatives whilst making adjustments to align these with our mandate,” pointed out Dissanayake.

According to the President, the 2025 Budget encapsulates three main facets of the supply side of economic policy objectives: The growth of production of industry, services, and agriculture; production must take place with the active engagement and participation of people, and the benefits and gains from production must be equitably shared across society.

The 2025 Budget envisages higher spending on education and health as well as public investment.

A centrepiece of the Budget is a major overhaul of public sector salaries, with the minimum basic salary rising from Rs. 24,250 to Rs. 40,000 – a Rs. 15,750 increase – while integrating existing allowances into the basic salary. (See related story)

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