Finance Minister presents Government’s Fourth Budget in Parliament

Finance Minister presents Government’s Fourth Budget in Parliament

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Minister of Finance Mangala Samaraweera began his 2018 Budget speech pointing that its theme was “Enterprise Sri Lanka” making the proposed Bill focused on industry and economic progress.
The presentation of the fourth budget of the Good Governance administration took place at 3,00 p.m.
President Maithripala Sirisena was present in Parliament to participate in the presentation of the budget.
Commencing his address at around 3.05pm, the Finance Minister pointed out that the great potential of the Sri Lankan economy has to grow within the next few years. He also pointed out that Sri Lanka can develop into a middle income earning country by the year 2025,if the country experienced rapid economic progress.
Minister Samaraweera further said that major reforms of legislature similar to the Inland Revenue Act were required to bolster the Lankan economy. It was also stated that Bankruptcy laws should be made more efficient.
The Finance mentioned that all vehicles in Sri Lanka will have to be eco-friendly by 2040 as part of a ‘Green initiative’ adopted by the government to promote eco-friendly vehicle usage within the country. He said that that all state owned vehicles will be hybrid vehicles by 2025 as part of the Green initiative.