Dec 03, 2015 (LBO) – Sri Lanka is still in the period of making strategies to move forward and the country might have to generate additional revenue next year to pay contingent liabilities, Prime Minister Ranil Wickremesinghe said.
“The budget is very much like a Sinhalese new year. Before the New Year comes you give a bonus and people start spending. That is what the mini budget is for. Then you get the ‘Nonagathaya’ – the time period which you get everything ready. That is what we are now. And in 2016, we will have the actual New Year,” Wickremesinghe said.
During the time of Nonagathe, or the ‘neutral period’ or ‘Auspicious Time’ in Sinhalese and Tamil New Year tradition, Sri Lankans are encouraged to refrain from material pursuits, and engage solely in either religious activities or traditional games.
Sri Lanka Parliament on Wednesday passed the second reading of the budget for next year by a majority of 107 votes.
Wickremesinghe said in order to proceed the country has to move away from the old economy in to new spending and may have to generate additional revenue to pay contingent liabilities which are not fully recognized at present.
“We still do not know how much of debt has been left behind by our predecessors,” Wickremesinghe said.
“We may have to bring a contingencies liability bill to parliament, sometime next year and the parliament may have to make recommendations. Parliament will have to decide how to raise additional revenues to pay for these expenditures.”