State revenue soars 22.7% to Rs. 4.14 t in 2024

Wednesday, 12 February 2025 00:00 - - {{hitsCtrl.values.hits}}

Cabinet Spokesman and Minister Dr. NalindaJayatissa

Cabinet reviews Q4 financial report covering Government income and expenditure

By Charumini de Silva

Cabinet Spokesman and Minister Dr. Nalinda Jayatissa yesterday announced that the country’s total State revenue increased to Rs. 4.14 trillion in 2024, registering a 22.7% increase compared to a year ago.

Speaking at the weekly post-Cabinet meeting media briefing, he said the Cabinet of Ministers reviewed the fourth quarter financial report, which outlined Government income and expenditure across Ministries, Departments, District Secretariats and Special Expense Units in line with the classifications set out in the 2024 Budget.

As per Section 53(1) of the Public Financial Management Act No. 44 of 2024, the Finance Minister should submit a statement of Government financial performance, including the income and expenses of the State, to the Cabinet of Ministers within not less than 45 days at the end of the quarter based on a minimum quarterly basis.

Accordingly, the fourth-quarter report for 2024, covering the period ending 31 December was submitted ahead of the 14 February deadline.

The rise in revenue reflects the Government’s continued fiscal consolidation efforts, including tax policy adjustments, improved collection efficiency, and economic recovery measures.

However, the country still remains under pressure to balance revenue growth with expenditure control, particularly as it implements structural reforms under its IMF-supported economic program.

The second reading (Budget Speech) of the Appropriation Bill is scheduled to be held on Monday (17) and the second reading debate is scheduled to be held for seven days from 18 to 25 February. Thereafter, the vote on the second reading of the bill is scheduled to be held on 25 February.

The Committee Stage Debate on the Appropriation Bill is scheduled to be held for 19 days, including four Saturdays, from 27 February to 21 March. It was also decided to hold the vote on the third Reading of the Appropriation Bill on 21 March.

With budget deficits and debt sustainability still critical concerns, the Government’s financial performance in 2025 will be closely monitored, particularly as policymakers aim to boost investor confidence, maintain economic stability, and meet fiscal targets.

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