This proposal assumes that privately provided education will result in better facilities, but this is not necessarily true. The Budget proposes to reduce district level disparities in education facilities by giving the required land and tax concessions for the establishment of international schools in every district. This could be a potentially good investment if money is spent according to well researched strategic plans to help revive the rural economy.
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Many other countries in the world are also making public investments to help the post-COVID-19 recovery process and create jobs. For example, LKR 5,000 mn for developing small and medium-scale industries, LKR 5,000 mn for modernising agriculture, and LKR 5,000 mn for improving infrastructure in product investment zones. The budget has also allocated other funds aimed at reviving the rural economy. The Budget focuses on rural development by allocating LKR 19,894 million to 335 divisional secretariat divisions to commence rural livelihood development programmes. In the face of the fiscal stresses, it would have made sense to make structural changes to our tax system and ask for greater sacrifices from those with more ability to pay. It will threaten the forecasted growth, weaken tax revenue, and leave less room for investment. It seems that the government is hedging its bets on economic growth creating revenues, but with inflation set to rise in the coming months, and government fiscal financing from the banking sector set to be even higher at 2.7% of GDP compared to 2.2% of GDP in 2021, this is calling for monetary authorities to step in with higher interest rates.
Budget 2022 appears to be more of a stop-gap budget rather than one that sets out a framework on how revenues will continue to be mobilised and deficit financing requirements met over time.
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