By Randev Jayasinha. Parliament began its session today (05) at 14:02, Speaker Karu Jayasuriya has assumed his seat and the parliamentary session is currently underway. Finance Minister, Mangala Samaraweera begins his speech and presentation of the Budget 2019. Global oil prices reduced after Oct 2018, so did the interest rates of the US Fed. unfortunately, these benefits were delayed due to political unrest. The economy when we inherited it from the previous government in 2015 was a ticking time bomb. The government believes in growth led by private enterprises, that was the basis for Enterprise Sri Lanka. Sri Lanka needs a private sector free from protectionist mindsets, to drive growth. The Gamperaliya Program was brought to a halt during the 53-day political crisis, but we have now brought it back and a value of 48 billion has been allocated towards its development. Enterprise Sri Lanka plays a major role in the development of our economy, therefore, it is to be expanded to provide concessionary loans to young entrepreneurs as well as an allocation of 500 million towards the program's development. for inquiries on Enterprise Sri Lanka, Hotline- 1925. Taxes imposed on small trucks to be reduced. EXPORT SECTOR: Towards the development of Sri Lanka's tyre and rubber products, a value of 800 million. Ceylon Cinnamon, while being a valuable export of the country faces various issues. Therefore, all exports will be checked for quality before export and a further Rs 75 million allocated for Cinnamon training centre. Estate sector workers salaries issue will be resolved as soon as possible. Fisheries, another valuable industry of Sri Lanka, Rs 1300mn allocated to build two fishing ports. Toilets for every household, allocating Rs. 4 billion to build public toilets in train station, bus stations and households across the country. An expressway to Jaffna will be completed before our time is over. ---------- Women constitute over 50% of University Students, yet the female workforce is less than 30%. Tax concession will be provided for companies granting 3 months of maternity leave. Rs 4,320mn allocated for differently-abled persons with the aim of increasing their monthly allowance from Rs. 3,000 to Rs. 5,000. PILOT PROJECT: Special farms to be set up in Ambepussa and Weeravila for people convicted of drug-related offences with the aim of reducing drug peddlers and users in society. To be under the prisons department. In addition Rs. 50million allocated to create an arts and crafts village for female convicts. A housing loan scheme named “Home Sweet Home” will be introduced for newly-wedded couples with 6% interest rate and a 25-year repayment period. Special loan program for expat workers, 'Sihina Maliga' program to provide Rs. 10 million loan with 2 year grace period, to be paid in 15 years to commence from next month. ----------- Rs. 250 million allocated for the National Export Strategy. Trade and Productivity Commission to be set up under the MoDSIT Rs. 500 million over 2 years for Trade Adjustment Program Rs. 500 million allocated for the Bingiriya Development Zone. TOURISM: NBT removed on Foreign Currency receipts from registered hotels. Hotels can only sign up for online bookings from 1st April 2020 ONLY if they are registered with the SLTDA. Sri Lanka has the potential to be a leader in International Go-Kart racing, as a result, taxes on Go-Kart tires and Customs import duty and Cess on imported Go-Karts will be reduced. Tickets to National Parks will be reduced by 50% for international travellers who hold the International Student Identity Card. No foreign construction company can bid for a local construction contract without forming a joint venture with a local construction company. Residential Visa (3 years) for individuals who invested over USD 400,000 in condominiums. ------------ EDUCATION: Scholarships for Educational excellence - C FUND, top-ranked GCE AL students to receive funds for the overseas study, this program to commence with 14 students in August giving these students the opportunity and placement in top-ranked universities such as Harvard, Oxford and MIT. Currently, discussions ongoing to enable this facility. Students who benefit from the C fund have to return to Sri Lanka once they have concluded their studies and work in Sri Lanka for a period of 10 years. Rs. 25 billion allocated for development of University infrastructure and Rs. 32 billion allocated for development of school infrastructure. Rs 400 million allocated for training Tamil language teachers. Loan Scheme organized to aid University graduates. 'My Future' scheme to provide Rs, 1.1 million (interest-free), with a grace period of 2 years to be repaid in 12 years. Sri Lanka Army to conduct vocational training programs which will be NVQ qualified to promote home-grown industries. ----------- Rs. 600 million allocated for the development of the Suwaseriya (Sri Lanka's Free Ambulance service) program for a period of over 2 years. Revenue Intelligence Unit to be set up under the Ministry of Finance. Rs. 100 million to be allocated for the sterilization of stray dogs in the country. Plans are being made to initiate Beira Lake cleanup project to be completed by the Government. Rs. 750 million allocated to develop Bogambara prison into a public space. ------------ PUBLIC TRANSPORT: Public transport system to be developed. Public bus service to be developed over the next 5 year period. Prepaid cards and GPS location tracking (mobile apps) for bus services in the Western and Central Provinces. Rs. 1.5 billion allocated to supply the SLTB fleet with 250 new buses. Concessions and assistance to convert to electric three-wheelers and small cars. Rs 5 billion allocated for the Light Rail Project from Colombo Fort to Malabe which will commence work in 2019. -------------- Rs. 40 billion allocated to increase Government Salaries by Rs 2,500 (From June 1st). Rs. 12 billion allocated to correct and set right Pension anomalies. Allowance provided to Armed Forces to be increased by Rs. 5000 while a rent allowance to be increased by 100%, as well as a uniform allowance for all military individuals. Rs. 100 million allocated to strengthen Bribery Commission. "Samurdhi" has failed to fulfil its task of empowering the public. It has become politicized. Beneficiaries are decided based on political affiliations. this will be reformed immediately. Rs. 10 billion will be allocated to remove the Samurdhi fund. We are giving each Samurdhi beneficiaries access to their accounts to withdraw Rs. 30,000 twice a year. Rs 50 million to be allocated for the growing of mangroves in an attempt to mitigate climate change effects. Rs 1 million allocated for development of religious places of worship under Gamperialiya for each location. An additional Rs. 300,00 to be allocated for solar panels in temples. Further, a value of Rs. 200 million to develop the Madhu Church. Appropriate replacements will be introduced before September 1, with the aim of discouraging single-use plastic products. Rs. 20 billion has been allocated for disaster management. The Natural Disaster Insurance will be strengthened and the instalment will be increased to 1.5 billion. A 'Palmyrah fund' will be administered by the Treasury and a value of Rs. 5 billion has been allocated to be used for development activities in war-affected areas. The Finance Minister invites the diaspora and others to donate to the “Palmyra Fund” to develop the war-torn areas in the country. Rs. 100 million to be allocated to the production of jaggery and bottling of toddy in the North and East. VICES: The tax on cigarettes will be revised from midnight today. All 60mm cigarettes will be subject to a 12% Nation Building Tax (NBT) from June 01. Accordingly, the price of a cigarette will increase by Rs 5 while the price of 'beedi' cigarettes will increase by 50 cents.