“Despite all economic challenges, Sri Lanka witnessing some early harvests of our prudent economic management policies. As a new Government, we have been able to make a decisive turnaround in the public finance management within a relatively short-period. We introduced reforms to domestic revenue mobilization and engaged productively with international development partners to regain lost confidence in Sri Lanka. Such measures helped reverse the decades-long downward spiral of Government revenue which increased up to 14.2% of GDP in 2016 from 11.5% of GDP in 2014, marking a growth of 41% in absolute terms. In 2017, Government revenue, I am certain, will come closer to 15% of GDP, ensuring a revenue growth of 13% in 2017 over 2016. Further, we are in the process of effecting revenue reforms in all areas including Inland Revenue, Customs, Excise and others in a manner to raise the Government revenue closer to 20% of GDP over the medium-term. As revenue increases, and expenditure remains well targeted and rationalized, overall budget deficit is expected to reduce up to 3.5% of GDP by 2020”, so said Minister Mangala Samaraweera presenting his first budget speech titled ‘Enterprise Sri Lanka’ to the parliament this evening (9th Nov.).