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Thursday, January 29, 2015 - 10.30 GMT

Interim Budget 2015 brings an array of relief


The Interim Budget 2015 presented in Parliament today offering an array of relief to all sections of the society.

Ravi Karunanayake, in his capacity as Finance and Planning Minister presenting said the government believes in uplifting and developing the lives of every citizen of this country - not just a selected few.

Salaries of state sector servants will be increased by Rs. 10,000 - Rs. 5000 will be given in February and remaining Rs. 5000 in June. Thereby state sector employees' salaries increased by 47%.

Senior citizens with Rs. 1 million in their bank accounts will be given 15% interest rate.

Budget Highlights:

- Loss incurred by hedging deals is 60 million USD

- Listed out details of financial losses incurred due to borrowings/developmental projects of the previous regime that has resulted in an added financial burden to the people

- True figure of debt per person is Rs. 427,220

- True figure of state debts currently it stands at Rs. 8.81 trillion

- Expenses of presidential secretariat - 2014 Rs. 10,4970 million / estimated cost for 2015 was Rs 95,930 million but it has been brought down to Rs. 2560 million

- Salaries of state sector servants increased by Rs. 10,000 - Rs. 5000 will be given in February/ remaining Rs. 5000 in June- Thereby state sector employees' salaries increased by 47%

- All loans taken during the past government has to be paid by this government to which includes 15 million USD loan taken for security purposes

- Rs. 2.5 billion saved by cutting down on the number of Ministers

- Request made for private sector employers to increase the salaries of private sector employees Rs. 2500

- During past seven years 5000 million USD due to losing GSP+

- 50% of the loan amounts borrowed by farmers to be waived off

- An allowance of Rs. 20,000 to be paid for expectant mothers

- Senior citizens with Rs. 1 million in their bank accounts to be given 15% interest rate

- Reviewing of pensions - Increase of Rs. 1000 with effect from April

- Fresh milk price buying price to be increased by Rs.10

- To improve agricultural sector, hand tractors will be given away at concessionary rates / fertilizer concession will be continued and the quality will be increased.

- A sum of Rs. 2000 billion to be allocated to the fund reserved for kidney patients

- Budgetary allowance for education sector will be increased by 6% off the GDP systematically

- Decentralised budget for ministers will increase by Rs. 5 - 10 million

- Kerosene reduced by another Rs. 6 per liter

- A sum of Rs. 2000 billion to be allocated to the fund reserved for kidney patient

- 13 Essential goods price reduction by removal of taxes - with effect from midnight
Sugar: Rs. 10 reduction - tax reduced from Rs. 28 up to Rs. 10

- Milk powder 400g packet will be Rs. 325 (maximum retail price) - reduction of Rs. 61
Sustagen milk powder to be reduced by Rs. 100 (400g)
Flour prices reduced by Rs. 12.50 per kilo
Bread - reduced by Rs. 6
Green grams - reduction by Rs. 40 per kilo
Sprats: Reduction of Rs. 15

- School van fees reduced by 5%

- Electricity consumers will be encouraged to use solar power

- Gold jewellery pawned to banks - that don't exceed Rs. 200,000 - interest will be waived off

- 12.5kg gas cylinder price reduced up to Rs. 1596 (Rs. 300 reduction)

- Vehicle taxes reduction 15% (for vehicles with engines below 1000 CC)

- SriLankan Airlines and Mihin Lanka to be merged to reduced the losses





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Last modified: January 30, 2015.

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