February 17, Colombo (LNW): In his inaugural budget speech, President Anura Kumara Dissanayake outlined the government’s vision for Sri Lanka’s future, focusing on economic recovery and the well-being of the public.

The President announced significant increases in allowances for vulnerable groups, including kidney patients and low-income senior citizens, with kidney patient allowances set to rise from Rs. 7,500 to Rs. 10,000 and allowances for senior citizens to increase from Rs. 3,000 to Rs. 5,000.

He also highlighted a substantial investment in the dairy industry, with Rs. 2.5 billion allocated to foster its growth, and revealed plans to develop the Northern Coconut Triangle, with Rs. 500 million earmarked for cultivating 16,000 acres of coconut.

The 2025 Budget also prioritises social welfare, with Rs. 232.5 billion allocated for the Aswesuma programme, which focuses on improving the quality of life for the country’s most vulnerable populations.

The President also allocated Rs. 185 billion for the purchase of essential medical supplies, reinforcing the government’s commitment to strengthening Sri Lanka’s healthcare system, which will receive a total of Rs. 604 billion in funding this year.

Additionally, President Dissanayake announced the establishment of a State Development Bank aimed at supporting Small and Medium-scale Enterprises (SMEs), alongside plans for a new Digital Economic Authority as part of a broader push towards digital transformation.

He also pledged Rs. 3 billion for digital development, aiming to position Sri Lanka as a leader in the region’s digital economy.

The budget also emphasised infrastructure development, with significant allocations for upgrades to the nation’s ports, airports, and educational institutions.

Rs. 100 million will be dedicated to enhancing the Jaffna Public Library, and Rs. 500 million will be allocated to the improvement of sports facilities across five provinces.

The President’s speech also outlined a clear path to economic transformation, with ambitious targets set for export growth, forecasting a rise to US$19 billion by 2025, along with the introduction of a new National Export Development Plan.

As part of the government’s commitment to economic stability, Dissanayake highlighted a target of 5% economic growth for the year.

In a move towards fiscal responsibility, the President also announced that no new vehicles would be allocated to Parliamentarians this year, with funds directed towards essential public services instead.

Government luxury vehicles are set to be auctioned off in March to further optimise public expenditure.