President Ranil to present 2023 Budget to Parliament today

The Appropriation Bill for the fiscal year 2023 is scheduled to be tabled in the parliament for the second reading today (November 14).

Accordingly, President Ranil Wickremesinghe, in his capacity as the Minister of Finance, Economic Stabilization & National Policies, will deliver the opening speech of the second reading of the Appropriation Bill to Parliament at 1.30 p.m. today.

The debate on the second reading of the Appropriation Bill will begin on November 15 and the vote on the second reading has been scheduled for November 22 at 5.00 p.m.

The debate on the committee stage of the Appropriation Bill is expected begin on November 23 and the vote was decided to be held on December 08 at 5.00 p.m.

Accordingly, parliament will meet on all other days of the week except on Sundays and Poya Days, from November 14 to December 08.

It has been decided not to allot time for Questions for Oral Answers on the days of the budget debate, according to the Secretary General of the Parliament, Dhammika Dasanayake.

Hence, on December 09, from 9.30 a.m. to 5.30 p.m., a total of 50 questions are set aside for Questions for Oral Answers.

The budget debate will be held from 9.30 a.m. to 5.30 p.m. and the time from 5.30 p.m. to 6.00 p.m. is reserved for Questions or motions at the Adjournment Time.

The President’s Media Division says that President Ranil Wickremesinghe in his capacity as the Minister of Finance will present the 2023 budget to Parliament today (14) aimed at creating long-term, stable economic growth. 

The 2023 budget has given special attention to the sectors of capital market, export market, labour market and digital economy and it is expected to achieve the budget targets through the social market economy, it said.

This year’s budget will focus more on providing social welfare benefits to the people who need them most and creating a policy environment to build the private sector as the driving force of the country’s economy.

Through the 2023 budget, the process of building a new economy tailored for the new world has been initiated aimed at creating a program to ensure a decent country for the youth.

State Minister of Finance Ranjith Siyambalapitiya said the government is expecting to spend Rs. 7,885 billion in the year 2023, which is around Rs. 1,785 billion more than the expenditure in the previous year.

The minister pointed out that the government has allocated Rs. 2,442 billion for recurring expenditure such as subsidies and salary payments.

The expenses to be paid for capital expenditures such as constructions, together with the payments which have to be paid for completed projects are Rs. 1,221 billion, he added.

Meanwhile, an expenditure of Rs. 4,218 billion is scheduled to be made for loan installments and interest payments, according to the state minister.

He also mentioned that initially Rs. 572 billion for social security, Rs. 504 billion for education, Rs. 432 billion for health sector and Rs. 410 billion for state security have been allocated with the upcoming budget.

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