President Anura Kumara Dissanayake says the Government's objective is to address the country's current economic challenges while laying a strong foundation for a better future for the next generation.
Delivering the 2027 Budget speech in Parliament, the President said Sri Lanka had moved beyond the phase of economic stabilisation and was now entering the next stage of economic transformation.
He said the main objectives of the 2027 Budget were to eradicate poverty, build a just society, eliminate fraud and corruption, accelerate economic development and restore public trust.
President Dissanayake noted that the Government had succeeded in stabilising the economy over the past two years despite having to navigate numerous domestic and international challenges.
He emphasised that the Budget proposals were interconnected and formed part of a collective national programme aimed at the country's overall development. He said due consideration had been given to all proposals in preparing the Budget.
Highlighting the impact of external economic pressures, the President referred to rising global oil prices amid the ongoing conflict in the Middle East. He said the Government had provided concessions amounting to Rs. 147 billion to ease the impact of rising fuel prices on the public.
He also revealed that an estimated USD 3.4 billion had been spent in connection with the damage caused by Cyclone Ditwah and subsequent reconstruction efforts.
The President further highlighted the challenges posed by the anticipated El Niño impact.
Addressing public sector reforms, President Dissanayake said Sri Lanka did not require an oversized state machinery but rather an efficient and responsive public service capable of meeting the needs of the people.
Recalling the mandate received by the NPP Government two years ago, he said the public had given the Government an overwhelming mandate with the expectation of building a better nation.
President Dissanayake commenced delivering the 2027 Budget speech in Parliament at 1.40 p.m. today.
The 2027 Budget marks the third Budget presented by the National People's Power (NPP)-led Government. The Cabinet of Ministers approved the Budget proposals earlier today.
