President Anura Kumara Dissanayake highlighted that due to the mismanagement of public finances by previous administrations, the country had fallen under insolvency and is presently running under a probationary duration of the International Monetary Fund (IMF) program.Given this circumstance, he emphasized that the Budget 2025 has actually taken the preliminary steps towards developing a strong and stable economy.The President made these remarks while taking part in the Post-Budget online forum 2025 arranged by the University of Colombo Master of Business Administration (MBA) Alumni Association held today (19) at Cinnamon Life Hotel in Colombo, according to the Presidents Media Division (PMD).
President Dissanayake mentioned that the government intends to utilize the three-year financial obligation moratorium given through financial obligation restructuring efficiently and execute proper financial management to restore financial obligation repayment capacity by 2028.
The President even more kept in mind that while lots of nations on the planet have actually taken decades to recover after dealing with personal bankruptcy, Sri Lanka is anticipated to recover in a considerably shorter duration, the declaration said.The President likewise highlighted that this years budget plan proposes to increase federal government profits to 15.1% of the Gross Domestic Product (GDP) and stressed the governments commitment to prioritizing expenses based on recognized nationwide priorities.The President emphasized that this years budget plan focuses on broadening the economy by driving financial activities to rural areas and integrating citizens as stakeholders in the economy.
He expressed self-confidence that this method would enhance the financial advantages offered to the people.The federal government prepares to reintegrate marginalized groups into the economy by establishing little financial systems at the village level.
As a result, the country intends to foster a rise in Small and Medium-scale Enterprises (SMEs), the President stated.Highlighting the governments commitment to supporting markets, the President noted that minimizing production expenses would ultimately supply relief to consumers.To uplift the country from rural poverty, the highest spending plan allocation this year has actually been directed towards education.
This financial investment intends to reorganize both human and physical resources within the school system, transitioning from a linear education design to a more varied, multi-directional approach.The budget likewise focuses on public expense management.
Offered the high costs associated with providing public services, the federal government plans to carry out a comprehensive evaluation of state institution expenditures, the declaration said.President Dissanayake stressed the significance of keeping a corruption-free political authority and underscored that promoting a culture where bribery is turned down is a collective obligation of the citizens.To develop an export-driven economy, the government plans to sign brand-new trade arrangements and expects greater export profits this year, he said.Additionally, the President said the existing administration is concentrated on establishing a port-centric economy.
The spending plan has put unique attention on establishing an effective transshipment hub.Tourism promo initiatives will be additional enhanced through City Branding programs, with plans to establish key cities such as Anuradhapura, Yapahuwa, and Jaffna as significant tourist destinations.The President also highlighted the requirement to take advantage of the countrys diplomatic service to broaden economic chances for Sri Lanka, the PMD added.
The occasion was attended by Duminda Hulangamuwa Chairman, Ceylon Chamber of Commerce & & Senior Adviser to the President on Economic Affairs and Finance, President of the University of Colombo Master of MBA Alumni Association Suraj Radampola, in addition to numerous experts from academic community and business sector.-- PMD--