In Pictures: President presents Budget 2024

President Ranil Wickremesinghe today presented Budget 2024 under the theme "A Prelude to a Stable Future." From the outset, the President stressed that the country needed to adhere to the concept of Samjeewikatha” (balance living) as explained by the Lord Buddha. He noted that the concept elaborates on how to balance a budget. 

"We should spend according to the income we receive. That is what the Buddhist economic philosophy demonstrates to us. But, for the majority of the 75 years following the independence, our spending has often diverged from our generated revenue. When I say this, one might think that the governments of this country spent lavishly and wasted money. Not just governments. The country as a whole has lived beyond its means," he told the House. 

"In the Samajjapala Sutta, the Lord Buddha has emphasized that we should borrow for investment rather than for consumption. But we borrowed for consumption. Ina Sutta in Anguttara Chakka Nipatha specifically points out that it is very dangerous to borrow and pay interest in this manner."

He said the country’s situation is now better than what it was a year ago. "I am not saying that the economy has completely recovered. It has become comparatively better. We have attained that position by facing difficulties, making sacrifices and enduring various hardships," he remarked. 

"We can certainly create a more favourable economic environment in the near future if we gradually move forward in this difficult terrain. When we look back at the past year, it is 100 percent confirmed that we are on the right track," said the President. 

He added that the government is well aware of the difficulties faced by the people. "The path toward a stable and developed economy is not beautiful. It is difficult, hard and challenging, Mr Wickremesinghe warned. 

The President claimed the Budget that he is presenting is different. "This is a Budget that constructs the future of the country. This is a budget that was prepared for the victory of the county. A Budget that was prepared according to the Buddhist philosophy. Several proposals have been included in this budget, based on the concept of “Samajeewikathaa” concept to ensure victory for the country and the country’s future," he stressed. 

Pix Courtesy Parliament's Communications Department