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%E2%80%9CBudget+2018+targets+to+achieve+medium-term+economic+goals%E2%80%9D+%E2%80%93+Finance+Minister
Thursday, 09 November 2017 - 18:43
“Budget 2018 targets to achieve medium-term economic goals” – Finance Minister
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The maiden Budget of Finance Minister Mangala Samaraweera and the 3rd Budget of the Unity Government was presented in Parliament this afternoon.
 
It was titled “Enterprise Sri Lanka”.
 
Minister Samaraweera said the overall idea of the Budget was to improve the country’s entrepreneur culture and taking Sri Lanka towards a green economy giving prominence to environmental protection.
 
He said a concessionary loan scheme will be introduced by the National Savings Bank to facilitate first-time middle-income home buyers.
 
Maximum loan size Rs. 5 million
Interest rate 7% per annum
Tenure 7 years
 
The Minister said an “Employment Preparatory Fund” will be established under the Ministry of National Policies and Economic Development and will be operated through the National Youth Corps.
 
This fund will finance vocational training courses that are required by the private sector.
 
The courses will be designed in collaboration with the private sector and such courses may be conducted at institutions such as Hotel Schools, Nursing Schools etc.
 
He said that the economy is expected to grow by around 4.5% in 2017 and projected to move gradually to a higher GDP growth path of around 6% by 2020 while containing the level of unemployment at around 4% level.
 
The National Budget 2018 will support the achievement of envisaged medium-term targets such as per capita income of 5,000 dollars, one million new jobs, FDI inflows of 5 billion dollars, and doubling exports to 20 billion dollars.
 
In 2018, the Government envisages a GDP growth of 5%, inflation of around 6%.
 
 
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