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Budget 2015:
Government passes benefits of economic growth to people
Since 2005 Sri Lanka has achieved significant growth in economic and
social sectors and the living standard of the people have improved as a
result, President Mahinda Rajapaksa told Members of Parliament,
presenting the 2015 Budget on Friday.
"The Mahinda Chintana - Vision for the Future, targeted defeating
terrorism, fast implementation of infrastructure development projects
and increased economic growth. We have achieved all these goals and by
2015 our per capita GDP will increase to US $ 4,000, a four-fold
increase compared to 2005. We have achieved an average economic growth
rate of seven percent. New investment opportunities have opened and the
income of the people has increased," he said.
The current account deficit has declined to three percent and foreign
reserves have increased to over US $10 billion. Government debts have
declined by 30 percent compared to 2008, the President said.
Economic analysts said various concessions given to the people cannot
be interpreted as concessions targeting the upcoming presidential
election. However, even without an election the Government has been
compelled to present a Budget with proposals of this nature because it
is the right time to pass the benefits of economic growth achieved in
the recent past to the people.
Today, the economy is stable and the Government has the ability to
grant concessions to the people. Before 2009, the Government called on
the people to tighten their belts and the people did it without
questioning.
Before 2009, the high defence cost was the concern and working people
did not demand higher wages and supported the Government to end
terrorism. After the elimination of terrorism, the Government needed
time and space to rebuild the affected areas and lay a strong foundation
for economic development and maintain macro-economic fundamentals. Since
maintaining inflation at low levels was the target, wage increase was
postponed every year. Today, after significant improvement in the
physical infrastructure with strong economic fundamentals, people expect
the benefits of this development and therefore, the Government cannot
further delay listening to the voice of the working people, analysts
said. |
