President Ranil Wickremesinghe, in his budget proposals for 2024, has outlined key measures to address ongoing economic challenges and prioritize project completion while also addressing housing concerns for urban low-income families.
Here are the notable proposals:
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Additional Allocation for Project Completion (Rs. 55 Billion): In response to the economic crisis and disruptions caused, an extra Rs. 55 billion will be directed towards completing projects that were temporarily halted. This injection of funds is expected to revitalize stalled initiatives and contribute to overall economic recovery.
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Halt on Rent Collection for Urban Low-Income Housing: The collection of rent from houses provided on an interest basis to urban low-income families will be entirely halted. This move aims to alleviate financial burdens on low-income households, providing them with some relief during challenging economic times.
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Transfer of Ownership Efforts: President Wickremesinghe has expressed the government's commitment to transfer ownership of these houses to the occupants. This strategic shift seeks to empower low-income families, allowing them not just shelter but also ownership of their residences.
These budget proposals align with the government's broader strategy to stimulate economic recovery, ease financial pressures on vulnerable populations, and promote inclusive development.
As the budget speech unfolds, more details on economic measures, policy directions, and developmental initiatives are expected. Stay tuned for comprehensive coverage and analysis of Budget Proposals 2024.
For live updates on President Ranil Wickremesinghe's budget presentation, continue following our news feed.
