The Sri Lankan Parliament successfully passed the Third Reading of the Appropriation Bill (2024) on March 21st, marking the end of the Committee Stage Debate and the conclusion of the entire Budget 2025 process.
The Bill was passed with a clear majority, securing 159 votes in favor and 45 votes against. The division was called by Chief Opposition Whip Gayantha Karunatileka, highlighting the contentious nature of some of the budget’s provisions.
The Budget 2025 proceedings, which commenced on February 17, 2025, with President Ranil Wickremesinghe, in his capacity as Minister of Finance, presenting the Second Reading of the Appropriation Bill (Budget Speech) to Parliament. This was followed by a seven-day debate on the Second Reading, spanning from February 18th to 25th.
The Appropriation Bill, also known as the Budget, outlines the government’s estimated revenues and expenditures for the fiscal year 2024. It encompasses a wide range of financial allocations for various sectors, including education, healthcare, infrastructure, defense, and social welfare.
The passage of the Bill allows the government to implement its budgetary plans and policies for the upcoming year. It provides the legal authority to collect taxes and allocate funds according to the outlined budget.
The successful passage of the Appropriation Bill (2024) signifies a crucial step in the government’s economic agenda. It demonstrates the government’s commitment to fiscal responsibility and its vision for the country’s economic development.