Budget 2022, the first by Basil Rajapaksa as the Finance Minister has been formulated under a formal programme to transform the market economy into a production economy, the Finance Ministry said.
This year’s Budget will include proposals aimed at identifying areas for the above purpose and taking the country towards development in conjunction with new technology.
Budget 2022 includes the use of Sri Lanka’s geographical advantages to strengthen the economy as well as measures to mitigate the foreign exchange issue it faces.
The budget also includes a number of proposals to revive the economy by successfully coping with the post-COVID situation. The Finance Minister earlier said that 7.51 per cent of total expenditure of the Government will be dedicated to the education sector for the first time in history.
Health too will get top billing in view of the present health crisis.
The Appropriation Bill was introduced in Parliament by the Minister of Finance on October 7. Accordingly, the total expenditure of the country in 2022 will be around Rs.5,128 billion.
This includes spending on public service salaries, subsidies, welfare, loan repayments, and development investments.
The Budget speech will begin at 2.00 p.m., the Secretary General of Parliament Dhammika Dasanayake said. It will be telecast live on all main TV channels. This is the 76th Budget of independent Sri Lanka.
This Appropriation Bill was published in the Gazette on September 29, 2021 for matters relating to obtaining service expenses for the financial year 2022 from the Consolidated Fund or any other suitable fund with provisions and obtaining loans within or outside Sri Lanka.
Accordingly, for service expenses during the period from January 1, 2022 to December 31,2022, approval is to be obtained for recurrent and capital expenditure related to Government Expenditure.
Chapter XVII of the Constitution gives Parliament full control over public finances and requires the approval of Parliament on matters including taxation, consolidation of funds or any other appropriate fund with provisions.
The Second Reading debate of the budget will be held for seven days from Saturday, November 13, to Monday, November 22. The vote on the Second Reading of the Budget will take place on Monday, November 22 at 5.00 p.m. The Committee Stage Debate will commence on Tuesday, November 23 and will continue for 16 days, including on Saturdays, until Friday, December 10. The Third Reading vote will be held on December 10 at 5.00 p.m.
Arrangements have been made to present this year’s Budget speech and debate in sign language too for the benefit of the hearing-impaired community. Accordingly, a Sign Language Window will be telecast simultaneously with the live telecast during the Budget debate.
Secretary General of Parliament Dhammika Dassanayake said that arrangements have been made to hold sittings in Parliament in accordance with all health guidelines and regulations during the entire period of the budget debate starting from today (12), when the Budget is to be presented in Parliament.
The Public Gallery will not be open to the public during the Budget debate and only a limited number of Government officials will be allowed to attend the Budget Committee Stage sessions as per their subject ministries.
The Gallery for Special Guests and Invited Foreign Diplomatic Ambassadors and High Commissioners will however be open today. The Budget being presented today is the second Budget of the Government of the President Gotabaya Rajapaksa, the seventh Executive President of Sri Lanka. Following the Budget speech, the Finance Minister will host the traditional tea party. However, it will be limited to MPs, ministers, ambassadors and invitees in accordance with the prevailing health guidelines.
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