First Quarter of 2024 Sees State Revenue Surge by 6%, Surpassing Expectations
Non Cabinet Minister of State Plantation Enterprises Reforms and State Minister of Finance, Ranjith Siyambalapitiya, shared that the state revenue for the first quarter of this year has reached an impressive Rs. 834 billion, exceeding the projected revenue and showing a growth of 6%.
He highlighted that with careful financial management and a consistent revenue pattern, 2024 is expected to be a successful year in reaching revenue targets.
State Minister Siyambalapitiya made these comments during a press briefing at the Presidential Media Centre (PMC) under the theme ‘Collective Path to a Stable Country’.
Sharing his views, State Minister Ranjith Siyambalapitiya also mentioned that,
The Department of Treasury Operations is facing challenges in managing cash flow this year due to restrictions on loans and money printing. Government spending has increased due to welfare and recurring expenses; however, effective financial management practices are in place.
Comparing expenses between the first quarters of 2020 and 2024, there has been a significant increase in the latter period. Loan interest repayment has surged by 114%, capital expenditure by 60%, and capital repayment of public debt by 177%.
In terms of welfare expenditure, there has been a 25% increase in Samurdhi allocation between 2020 and 2024, reflecting the growing demands on government resources for welfare programs.
The state revenue in the first quarter of this year exceeded expectations, reaching Rs. 834 billion, with the Inland Revenue Department contributing Rs. 430 billion.
Sri Lanka Customs and the Excise Department also added significant amounts to the revenue, indicating positive financial management practices across the country.
The improving income trend and decreased inflation rates suggest a positive economic outlook for the country in 2024.
State Minister of Plantation Enterprises Reforms and State Minister of Finance Ranjith Siyambalapitiya reported that state revenue for the first quarter of the year exceeded projections, reaching Rs. 834 billion with a growth of 6%. He highlighted the challenges in cash flow management due to existing laws restricting loans and money printing, as well as the increase in government spending. Despite these challenges, effective financial management practices are being implemented. Various departments contributed to the revenue increase, showcasing a positive milestone for the country. The overall economic landscape is improving, with hopes of achieving income targets in 2024 and a drop in inflation rates.
