By The Pulseline News Desk
President Anura Kumara Dissanayake has declared that the Government’s priority is to navigate Sri Lanka through its current economic challenges while laying the groundwork for a stronger and more prosperous future for the next generation.
Presenting the 2027 Budget in Parliament today (12), the President said Sri Lanka had moved beyond the immediate task of economic stabilisation and was now entering a new phase focused on economic transformation.
He said the Government had managed to stabilise the economy over the past two years despite having to contend with a series of domestic and international challenges.
However, the President acknowledged that the country continued to face considerable economic pressures, including rising global oil prices, geopolitical tensions, climate-related risks and the financial burden of disaster recovery.
Referring to the ongoing conflict in the Middle East and its impact on international energy markets, Dissanayake said the Government had extended concessions amounting to Rs. 147 billion to cushion the public against rising fuel prices.
He also disclosed that the economic cost associated with the damage caused by Cyclone Ditwah and subsequent reconstruction efforts was estimated at US$3.4 billion.
The anticipated impact of El Niño was another challenge highlighted by the President, pointing to the additional uncertainties facing the economy.
Emphasising the broader vision behind the Budget, Dissanayake said its proposals should not be viewed as isolated measures but as interconnected components of a national programme designed to improve the country’s economic and social prospects.
He said careful consideration had been given to the proposals, stressing that the Budget was intended to serve the collective interests of the country.
On public sector reform, the President argued that Sri Lanka did not need an oversized state apparatus but an efficient public service capable of responding effectively to the needs and expectations of citizens.
He recalled that the public had given the Government an overwhelming mandate two years ago, placing their hopes in its promise to build a better country.
The 2027 Budget is being presented against a backdrop of competing priorities: sustaining economic stability, managing external shocks, financing reconstruction and creating the conditions for long-term growth.
President Dissanayake began presenting the Budget at 1.40 p.m. in Parliament today.
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