Sri Lanka’s Interim Budget Speech 2022

Sri Lankan President Ranil Wickremesinghe has started presenting the Interim Budget Speech 2022 at 01:03 PM today (August 30).

02:02 PM – Parliament adjourned for the second reading of the Budget until 9:30 AM August 31, 2022.

02:01 PM – President invites all parties to join the all-party government in rebuilding a strong nation.

01:58 PM – Production of E-bicycles should be promoted as a local industry to minimise vehicles operating on fuel. Tax relief for importing parts required for production.

01:56 PM – Proposed to establish a Bureau to act as a coordination centre to seek the assistance of Sri Lankans living overseas, and a fund will also be set up for this purpose.

01:56 PM – Suitable land to be identified for renewable energy projects.

01:55 PM – Further State support to be extended for export development programmes.

01:53 PM – Rs. 200 million to be allocated for a special programme to help transport fresh vegetables and fruits from upcountry to Colombo through railway services.

01:50 PM – Programme to promote skilled labour through Vocational Training Institutes.

01:49 PM – A branch of Kotelawala Defence University proposed to be established in Kurunegala.

01:48 PM – Steps to encourage private and affiliate universities to attract foreign students in order to bolster foreign reserves.

01:48 PM – Rs. 300 million allocated for several tourism industry development projects.

01:46 PM – A special programme to attract high-end tourists. Five-member committee to be appointed.

01:45 PM – Tax relief for food packaging factories for local agricultural products.

01:42 PM – State lands to be utilised in a more efficient manner to benefit youth. Rs. 50 million to be allocated for agriculture and animal husbandry projects using such lands.

01:41 PM – Rs. 200 million allocated to develop dairy industries.

01:40 PM – Rs. 600 million debt owed by farmers to state banks to be waived off except interest.

01:38 PM – New laws to be introduced to benefit those who lost employment due to the economic crisis.

01:38 PM – Rs. 40 billion allocated under US aid for the agricultural requirements of the Maha season.

01:37 PM – A monthly payment of Rs. 2,500 to pregnant mothers in addition to the Rs. 20,000 payment.

01:35 PM – A committee will be appointed to dispose of the scrap materials in state institutions.

01:31 PM – Rs. 32 million spent to assist the farmers who have been affected by the crisis during 2022. These programmes continue further.

01:29 PM – Opportunity for 20% of all shares of State Banks to be awarded to employees and depositors.

01:28 PM – National Debt Management Agency to be established under the Treasury.

01:26 PM – A Parliament committee on ways and means to be established.

01:24 PM – Transport sector including Sri Lankan Airlines, CEB and CPC are at great financial risk. A State Owned Enterprises Restructuring unit to be established. Rs. 200 million to be allocated for this unit.

01:22 PM – Only electric vehicles to be purchased for the use of state services.

01:20 PM – Government and semi-government employees’ retirement age to be reduced to 60 years.

01:17 PM – Financial regulatory mechanisms similar to the system of Inspectors General in the United States to be implemented in Sri Lanka.

01:16 PM – Steps to be taken to attract foreign technical investments in Sri Lanka.

01:13 PM – State expenditure to be reduced.

01:13 PM – Vat to be increased from 12% to 15% from September.

01:03 PM – President and Finance Minister Ranil Wickremesinghe arrived at Parliament to present the Interim Budget a short while ago.

Read the President’s full budget speech (PDF)