Govt. to present Vote-on-Account amid election constraints

Wednesday, 16 October 2024 00:06 - - {{hitsCtrl.values.hits}}

Cabinet Spokesman and Minister Vijitha Herath yesterday confirmed that the Government will present a three-month Vote-on-Account, citing time constraints due to the upcoming General elections on 14 November.

Speaking at the weekly post-Cabinet meeting media briefing, he said the Vote-on-Account will serve as a temporary financial measure to cover Government expenses till a comprehensive Budget can be presented in early 2025.

“As Parliament scheduled to reconvene on 21 November, there is no sufficient time to prepare and present a Budget for 2025 in December itself. The idea now is to present a Vote-on-Account,” he explained.

Herath pointed out that Sri Lanka, which usually presents its annual Budget in November is taking this step to ensure smooth Government operations during the transition following the elections.

The Cabinet Spokesman also noted that officials are preparing to meet with representatives of the International Monetary Fund (IMF) later this month in Washington. “The discussions are expected to focus on potential tax cuts, which the Government plans to negotiate with the IMF in the coming months. The Government remains focused on balancing fiscal responsibility with providing relief to citizens,” Herath said.