Welfare boost by cutting ministry allocations
View(s):Sri Lanka’s welfare and social security spending will be boosted by way of financial transfers by making substantial cuts from the allocations to ministries till the end of this year and more allocations will be made next year as well, Finance Ministry sources said.
It is crucial to support the sections of the population who lost incomes and were plunged into poverty due to pandemic-induced restriction and such spending must be highly targeted to make the most of such monies for the welfare of the vulnerable sections of the community amid the tight revenue conditions, according to several economic analysts.
President Ranil Wickremesinghe said that an interim budget will be presented in parliament during the first week of next month slashing infrastructure project spending and ministry allocations to transfer funds into a 2-year relief programme for the vulnerable specially Samurdhi beneficiaries.
Addressing a high level official meeting recently he noted that the “interim budget will be about cutting down expenditure, cutting to the bone where possible and transferring it to welfare of the poorest of the poor”.
The assistance of the World Bank and the Asian Development Bank has been mobilised through this repurpose project funds for emergency spending on social protection needs by these two institutions.
The Government will be continuing to provide a cash allowance of Rs. 5,000 with an additional top up payment for the Samurdhi beneficiaries and other categorical recipients such as elders, disabled persons, and kidney patients, whilst including wait-listed people of those beneficiary categories for the months with effect from May to October 2022.
The improved targeting will enable higher allocations to recipients and will be in the form of cash transfers directly to the bank account of the recipient. This scheme is expected to be implemented in the coming months.
The Government has incurred Rs. 191.2 billion on household subsidies including Samurdhi payments, elder’s allowance, assistance to differently-able soldiers, food package for pregnant mothers, fertiliser subsidy and school uniforms and text books in the first four months of 2022.
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