Free and Open Access to
Public Finance Data and Analysis
Sri Lanka’s 2024 budget to see new welfare, revenue goals amid political concerns

Sri Lanka's 2024 budget, set for presentation, emphasizes crucial IMF deficit targets for economic recovery. President Wickremesinghe faces a balancing act, tethered between IMF obligations and public sentiment. Meeting the 13.3% GDP revenue target while reducing public debt to 108.5% requires stringent measures.The budget is expected to introduce new taxes on capital gains and primary dealer transactions, aiming to broaden the tax base. Wickremesinghe's digitalization strategy anticipates a revenue upturn by March 2024. While navigating external debt restructuring, the budget's alignment with IMF conditions and governance reforms remains pivotal for creditors. The political landscape adds complexity. Wickremesinghe might clash with SLPP demands, potentially leading to early parliamentary polls. His focus leans towards economic stability over party politics, likely prompting a tough balancing act between meeting IMF requirements and addressing public needs.

Economy Next