2022 Budget Speech

Minister of Finance Basil Rajapaksa commenced delivering the 2022 budget speech at the Parliament of Sri Lanka.

04:40 PM – Parliament proceedings adjourned until tomorrow (Saturday, Nov 13) 9.30 AM.

04:39 PM – Finance Minister Basil Rajapaksa concludes his maiden budget speech for the year 2022

04:33 PM – TRCSL licences for Telecommunication companies to be issued through a public auction.

04:32 PM – Rs. 8.5 billion earned in an unethical manner through the Perpetual Treasuries the bond scam to be transferred to the Treasury.

04:30 PM – Tax increased to 18% from 15% payable by banks, leasing and insurance companies.

04:27 PM – A fine to be charged from motorists who have been involved in accidents.

04:26 PM – The price of one cigarette increased by Rs. 5.

04:25 PM – State revenue declined to 9.2% following the impact of the Covid pandemic.

04:20 PM – Rs. 100 million allocated as compensation for the politically victimized.

04:20 PM – Rs. 7,600 million allocated for graduate employee program.

04:18 PM – Rs. 30,000 million allocated to settle salary anomalies of teachers and principals.

04:18 PM – State employees to be provided with motorcycles. Rs. 500Mn allocated for this project.

04:16 PM – Relief pack programme for pregnant mothers to be extended for 24 months.

04:16 PM – Rs. 31,000 million to secure the household economy.

04:16 PM – Rs. 1,000 million for senior citizens.

04:15 PM – Rs. 200 million allocated for sanitary facilities of prison inmates.

04:15 PM – Rs. 500 million allocated for public security.

04:15 PM – Rs. 2,000 million allocated for small irrigation projects.

04:14 PM – Additional Rs.5,000 million allocated to health and indigenous medicine.

04:08 PM – Rs. 3,375 million to be allocated to all parliament members for the development of their constituencies.

03:43 PM – Budget speech suspended for 10 minutes.

03:43 PM – Rs. 1,500 million was allocated to provide relief to private bus owners.

03:43 PM – Rs. 700 million was allocated to benefit three-wheel drivers who were affected by the pandemic.

03:42 PM – Rs. 400 million allocated to benefit school van and bus drivers who lost employment during lockdown periods

03:37 PM – Rs. 3 million to be allocated to each Gama Niladhari (GN) Division.

03:36 PM – Rs. 2,000 million allocated for Urban Housing Development.

03:32 PM – Rs. 20,000 million allocated to the Ministry of Highways.

03:28 PM – SME industries were encouraged to establish industries in other areas except Colombo, Gampaha and Kalutara in Western Province with special support in obtaining land, electricity and water.

03:26 PM – Basic infrastructure to be developed with an allocation of Rs. 5,000 million.

03:25 PM – Batik and handloom manufacturing sector to be aided with an allocation of Rs. 1000 million.

03:23 PM – Fresh milk production to be encouraged with an allocation of Rs. 1,000 million.

03:22 PM – Rs. 5,000 million to be allocated to develop agrotechnology.

03:22 PM – Local organic fertilizer to be produced to meet the requirements of the 2022 Maha cultivation season.

03:15 PM – Over 80% of Sri Lankans are in jobs related to agriculture. Therefore the government will reinforce investments in this sector.

03:14 PM – State workers who hold membership of a trade union would be limited in seeking membership of a different trade union. Trade union alliances would be limited through an amendment to the existing act.

03:13 PM – Discussions to be held with foreign parties to promote Green bond financing services to aid sustainable development.

03:13 PM – Migrant workers to be provided with advanced knowledge and training. The opportunities for these workers to be increased through discussions with foreign missions.

03:13 PM – Investors encouraged to build an international school and hospital in every district.

03:09 PM – Foreign investments to be encouraged by removing restrictions and simplifying existing regulations.

03:08 PM – Green Agriculture Development Act to be introduced to safeguard farmers.

03:08 PM – Women entrepreneurs to be provided with uncultivated lands to encourage local agriculture. The government to create agro parks.

03:08 PM – New programme to promote Ayurvedic treatment centres and indegenous medicine.

03:08 PM – Sri Lanka to be developed as a wellness tourism and event tourism destination.

03:07 PM – Prices of raw material needed for electronic manufacturing to be reduced.

03:07 PM – Newmarket opportunities for the apparel industry. USD 1 billion annual foreign exchange expected through apparel sector developments.

03:07 PM – The private sector is encouraged to produce pharmaceutical drugs locally.

03:06 PM – Opportunities in local and foreign markets for fruit, vegetable and liquid dairy production.

03:06 PM – Business registration fee waived for new businesses established in 2022.

02:55 PM – An Act to be introduced to secure the rights of differently-abled and persons with special needs.

02:55 PM – Social security programme to be introduced to benefit senior citizens who are without pensions.

02:55 PM – The regulatory body for taxis (Three-wheelers) is to be established.

02:51 PM – Telecommunications structure to be updated and the state to provide Fibre Optic technology to cover all state schools.

02:49 PM – The HS Codes of Sri Lanka Customs to be updated.

02:47 PM – The existing Samurdhi scheme is to be converted to a Grameeya development scheme. A scientific method to be introduced to aid Samurdhi beneficiaries.

02:45 PM – Retirement age extended to 65 to strengthen the country’s workforce.

02:45 PM – Integrated results-based management systems to be introduced to meet Sri Lanka’s development expectations

02:44 PM – A new salary structure for government servants to avoid future pension anomalies.

02:44 PM – KPIs to be introduced for government service.

02:43 PM – New measures to prevent the tabling request for supplementary estimates.

02:42 PM – Construction of new office premises for government institutions halted for the next two years.

02:37 PM – The contribution of the services sector is expected to balance the trade deficit.

02:37 PM – New avenues of export development have to be identified. A special programme must be implemented to encourage the export economy.

02:36 PM – A major portion of the 2022 budget has been allocated to debt servicing.

02:36 PM – Sri Lanka is known as the vaccinated nation of Asia, Minister Basil Rajapaksa said.

02:28 PM – The government is confident a solution can be found, Minister Rajapaksa said.

02:27 PM – No government has been able to provide a suitable solution to the constantly fluctuating prices of essential goods.

02:27 PM – The loss to the treasury has been recorded as more than Rs. 500 billion.

02:27 PM – Local and foreign service remittances have been lost to Sri Lanka, which has had a great effect on the treasury.

02:17 PM – Finance Minister Basil Rajapaksa will present the Budget Proposal for the year 2022 in Parliament today.