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Finance Minister Ravi Karunanayake yesterday revealed that the Interim Budget of President Maithripala Sirisena offered a Rs. 640 billion stimulus to the people and the economy.
He said the public sector wage increase and reduction in commodity prices had given a much needed to boost to people and household income after the Mahinda Rajapaksa regime put the economy in a precarious position.
Karunanayake said that research conducted by the University of Colombo had found that after the measures in the Interim Budget, a normal middle-class family could save up to Rs. 7,500 on average with the reduction of commodity prices and a salary increase of Rs. 10,000 for government servants.
“In total these measures bring in an additional Rs. 640 billion to the economy,” the Finance Minister told a seminar entitled ‘Interim Budget Highlights 2015: Impact on Business’, organised by the Institute of Certified Management Accountants of Sri Lanka (CMA) yesterday.
Karunanayake said that this additional revenue would produce a ripple effect in the economy which would drive increased consumer spending that in turn would heighten business confidence by expanding the economy.
The Finance Minister also said that other relief measures announced in the Interim Budget, such as higher interest for senior citizens and relief for those who had taken loans and pawned jewellery, would come into effect from April.
Ravi K says…
He also stressed that the Government would bring down the number of taxes and levies to 15 by 2016. At present there are 37 taxes and levies which are highly complex.@CMA Conference
