President to present Budget 2023 today

President Ranil Wickremesinghe in his capacity as the Finance Minister is expected to present Budget 2023 to Parliament today (14) at 1.30 p.m, looking at measures to revive Sri Lanka’s economy amid a tough phase.

The primary objectives of the budget are to reduce government debt and

boost revenue collection by implementing tax reforms. In addition, the budget will focus on curbing high inflation along with plans towards boosting FDI, and most importantly the debt restructuring process.

State Minister of Finance Ranjith Siyambalapitiya said that a series of proposals aimed at welfare and developing the country will be presented in the Budget. He said that it will contain a series of medium and long-term proposals to rebuild the economy that has collapsed.

Total spending is expected to be 5.9 trillion rupees in 2023, with capital expenditure likely to make up 20.9% of that total. The second reading debate of the Appropriation Bill will begin on November 15 and the vote on the second reading will be on November 22.

Between Budget 2022 and the upcoming Budget 2023, there was an interim Budget 2022 which was passed by Parliament.