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UPI ID : enb@axis.com
UPI ID : enb@axis.com
President unveil 2027 Budget today, * investment-oriented * relief for masses- FT LKThursday, 12 November 2026 FTPAYE threshold set to be adjusted again; no new taxes or rate increases expectedCapital market policies to be far more visible in the Budget, which also carries Rs. 2 trillion capex allocationBudget tied to IMF program and release of next trancheGovt. and IMF to push growth-oriented reforms, negating short-term fiscal looseningAppropriation Bill sets total spending at Rs. 9.92 trillion, caps net borrowing at Rs. 3.8 trillionPresident and Finance Minister Anura Kumara Dissanayake is expected to present an investment-oriented 2027 Budget in Parliament today, with some relief for masses impacted by the tough stabilisation measures of the past two years, climate change and the Middle East conflict.As hinted by the President and his Ministers in recent weeks, the Pay As You Earn threshold is set to be adjusted upwards again and no new taxes or rate increases are expected, as the Government squares pre-announced relief with International Monetary Fund (IMF) conditions for a $ 345 million tranche and El Niño and the Middle East war that are eroding growth assumptions.The Budget, the Government’s third, carries Rs. 4.99 trillion in service expenditure and a Rs. 3.8 trillion net borrowing cap.Relief is to be delivered in stages. The President has told a trade union convention that the PAYE threshold, already raised from Rs. 100,000 to Rs. 150,000, will be adjusted again, and has set out a two to three year VAT reduction alongside a one-year deferral of the IMF-backed property tax. No new taxes or rate increases are expected, with the revenue strategy resting on compliance rather than rate changes.Revenue mobilisation is running well ahead of targets. The original target was to raise Government revenue to 15.4% of Gross Domestic Product (GDP) by 2030, but the country had already exceeded 16% by end-2025. This year’s target, set under ceilings referenced to the Public Financial Management Act, has been kept at around 15% and is comfortably within reach.Once that level is secured, space opens to fund much-needed public investment and to consider strategies to reset the present tax structure. Problems in corporate income tax and individual income tax are acknowledged, but rates are unlikely to come down at this stage without delaying revenue mobilisation. A reduction in indirect taxation becomes possible once revenue reaches the required level, with all tax policy changes to be guided by fairness, simplicity and convenience.The Budget carries Rs. 2 trillion in capital allocations, prioritising roads, railways, rural connectivity and networks, logistics, and some social spending, and is framed as a move beyond the goal of economic stabilisation towards economic expansion and transformative development. The President reviewed the final document at the Presidential Secretariat on 11 November. Existing bureaucratic systems and resources, however, constrain the State’s ability to spend at speed, and discussions on accelerating disbursement are already under way.Most macroeconomic stabilisation targets have been met ahead of or within the expected timeframe, drawing recognition from local stakeholders, diplomatic missions, international agencies and independent rating agencies. The stated task now is to move past stabilisation into real transformation, with investment needed both local and foreign, Finance Deputy Minister Anil Jayantha Fernando recently said.Domestic savings are identified as the immediate opportunity, given the gap between savings and investment, with the capital market cast as the channel for pooling scattered savings and directing them into the real economy. To that end, capital market policies are to be far more visible in the 2027 Budget, with an acknowledgement that steps taken over the past two years were not widely seen and led some to conclude little had been done for the market, Fernando said.President and Finance Minister Anura Kumara Dissanayake (right) with Treasury Secretary Dr. Harshana Suriyapperuma reviewing the finalised 2027 Budget proposals yesterdayMost of the 12 capital market development proposals submitted by the Securities and Exchange Commission of Sri Lanka (SEC) have already been discussed and accepted by the Finance Ministry. Some will be included in the Budget proposals, while the remainder will be discussed further and implemented in consultation with the Colombo Stock Exchange (CSE) and the SEC. Required legal amendments are to be introduced, with new Acts in the pipeline for presentation to Parliament, and the single window project for investment facilitation through technology is nearing completion.The Appropriation Bill, Gazetted on 18 September, 2026 by order of the President as Finance Minister, sets service expenditure for Ministries and Departments at Rs. 4.99 trillion and statutory expenditure, charged to the Consolidated Fund by other laws, at Rs. 4.92 trillion, for total expenditure of about Rs. 9.92 trillion. Net outstanding Government borrowings are capped at no more than Rs. 3.8 trillion for the year.The structure shows how far recurrent commitments constrain the Budget. The Department of Pensions alone accounts for Rs. 550.35 billion of the Public Administration Ministry’s Rs. 651 billion. Provincial Councils are budgeted separately at Rs. 574.95 billion recurrent and Rs. 85 billion capital, a combined Rs. 659.95 billion, taking the Ministry’s effective allocation to about Rs. 1.31 trillion, ahead of Finance.The IMF reached staff-level agreement on the Seventh Review of the $ 3 billion Extended Fund Facility on 8 November, making Executive Board approval contingent on the Budget being presented in line with program parameters and on adequate progress with debt restructuring. The arrangement ends in March 2027, with debt service stepping up in 2028. Revenue must stay above 15.3% and 15.4% of GDP in 2026 and 2027, with primary expenditure capped at 12.9% of GDP. The Government has told the Fund that Budget revenue measures will suffice for targets.The external backdrop has worsened. The IMF said the economy grew 4.2% in the second quarter, an eleventh consecutive quarter of expansion, with reserves at $ 6.9 billion at end-August, but flagged risks from the war’s duration and intensity, global trade policy and El Niño. “Safeguarding macroeconomic stability in a shock-prone environment requires continuing with prudent policies and bold reforms to protect the hard-won gains of the program,” it said, pressing for fuel prices to track global markets.Inflation rose to 8.3% year-on-year in October from 8% in September, a three-year high. The current account swung to a $ 128 million deficit in September, taking the nine-month shortfall to $ 420 million against a $ 1.9 billion surplus a year earlier. Equity outflows reached $ 170.2 million over the nine months, against $ 85 million a year before, though direct investment in the balance of payments primary account exceeded $ 1 billion, up from $ 841 million.Analysts point out that the economy is undergoing its most fundamental change in seven to eight decades. Twin fiscal and current account surpluses were last recorded in the 1950s and the shift will reward capital-intensive, margin-driven businesses while squeezing labour-intensive, volume-based players, as the Government avoids loose fiscal policy in a break from the past. However, the fiscal gains and economic stabilisation have been uneven, not benefiting vulnerable groups.Other analysts argue that the fiscal responsibility framework must survive the Budget. They want revenue to increase through a widened tax net, and call for a healthy primary surplus, a contained deficit and a shift from recurrent to capital spending through procurement changes, with tax moderated rather than cut. Policy stability mattered more than any single Budget.Advocate Institute has called for an independent Tax Ombudsman with binding timelines, noting that of Rs. 2.16 trillion in arrears at end-2025, Rs. 1.68 trillion is disputed and interest on disputed balances rose from Rs. 81 billion to Rs. 278 billion in a year. They want Port City residential exemptions of up to 25 years abolished, given apartments there sell at about $ 500 a square foot to roughly 6,000 families, and an end to property tax breaks for the Port City casino.They also seek an end to lotteries as a revenue tool, parity between online gaming and casinos, and a financially independent Gambling Regulatory Authority. On food, they calculate that taxes make up Rs. 308 of the retail price of chicken and want the Rs. 50 per kilo Special Commodity Levy on imported corn replaced with VAT, import quotas ended and cash transfers used to support about 35,000 registered maize farmers. On paddy, they want Bim Saviya titling accelerated, since freehold deeds for nearly two million families would otherwise take about 100 years, and the Plant Variety Protection Act passed.The Second Reading vote is set for 6 p.m. on 20 November and the Third Reading for 14 December. 2027 Budget: Key timelines revealedNovember 11, 2026 By Newswire President Anura Kumara Dissanayake, in his capacity as Minister of Finance, is scheduled to present the 2027 Budget in Parliament tomorrow (12).According to a statement issued by the Parliament of Sri Lanka, the President will deliver the Budget Speech, or the Second Reading of the Appropriation Bill for 2027, during the parliamentary sitting scheduled to commence at 1.30 p.m.The Budget Debate will be held over 26 days, from November 13 to December 14, with the Second Reading Debate scheduled from November 13 to 20.The vote on the Second Reading of the Budget will take place at 6.00 p.m. on November 20.The Committee Stage Debate is scheduled to be held over 19 days, from November 21 to December 14, including four Saturdays.The final vote on the Third Reading of the 2027 Budget is scheduled for 6.00 p.m. on December 14.The Appropriation Bill for 2027 was presented to Parliament for its First Reading on October 7, 2026.Meanwhile, Parliament announced that during the Budget period, parliamentary business under Standing Orders 22(1) to 22(6) will be conducted from 9.30 a.m. to 10.00 a.m.Five Questions for Oral Answers will be taken up from 10.00 a.m. to 10.30 a.m., followed by a Question under Standing Order 27(2) from 10.30 a.m. to 11.00 a.m.The Budget Debate will be conducted daily from 11.00 a.m. to 6.00 p.m.On all days except November 20 and December 14, when voting is scheduled, the period from 6.00 p.m. to 6.30 p.m. will be allocated for Motions at the Adjournment Time.
Workers across Spain stage first general strike in 14 years as anger rages over housingBy David LatonaNovember 11, 2026SummarySpanish workers strike over housing crisis despite stormsUnions report early 90% turnout at ports, carmakersClashes between police and pickets in Madrid, one arrestSpain faces 750,000-home deficit, Bank of Spain saysMADRID, Nov 11 (Reuters) - Spanish workers went on a general strike on Wednesday, enduring stormy weather to set up picket lines in a mass protest against the country's housing affordability crisis less than three weeks before a snap general election.It is the first general strike since workers downed tools in 2012 against austerity measures during the euro zone debt crisis. The walkout is backed by Spain's two largest unions, UGT and CCOO, representing more than a million workers, as well as tenants' associations angry about rising rents and evictions.Prime Minister Pedro Sanchez hopes to harness voter resentment over housing in the November 29 election to shift the political narrative away from corruption cases involving his inner circle and a deadly train crash last month. So far, his Socialist Party still trails in opinion polls.Unions described the strike as a success even though participation was uneven across Spain, with the strongest support in coastal regions where housing pressures have been particularly acute.SHOPS SHUTTEREDOn Madrid's Gran Via, one of the capital's main shopping streets, stores including Primark, H&M (HMb.ST), opens new tab and Pull & Bear drew their shutters amid a heavy riot police presence as protesters chanted: "We're going to close the Mango store."Many shops in Barcelona were also closed and boarded up in anticipation of unrest.Spain has a deficit of about 750,000 homes, which is set to grow to more than a million by 2028, according to the central bank.With fewer people able to afford a home, renting has increased sharply, putting pressure on that market. The average rental price of €1,176 ($1,315) is equivalent to about 98.7% of a young person's average monthly salary in Spain, according to the Youth Council of Spain."I’m 36 years old and I still can’t move out on my own," said Madrid resident Jesus Gonzalez, who works in a hospital IT department and supports the strike. "Rents just keep going up, house prices just keep going up, and it’s simply impossible."TURNOUT STRONGEST AT PORTS, AUTO PLANTSAngela de Miguel, vice president of Spain's main business lobby CEOE, said the strike was counterproductive because small businesses were also affected by the housing crisis, since shortages of homes made recruitment more challenging.Speaking on state broadcaster TVE, she said the solution was to build more homes and to lower taxes in construction and the home-buying process, which she said had helped increase the final price of buying a new home by 40% in the past decade.Plans for massive protest marches in the afternoon were threatened by two storms, dubbed Charles and Bruna, that led weather agency AEMET to issue alerts for 14 regions over strong winds, rough seas and heavy rains.According to UGT and CCOO, early participation in the strike reached 90% at ports and in the automotive sector, with "total stoppages" reported at factories including Volkswagen's (VOWG.DE), opens new tab in Navarre and SEAT's in Barcelona.They pointed to a 10% drop in electricity demand as an indication of disruption across energy-intensive industries, saying much of the petrochemical, steel-processing, food-processing and transport sectors had halted activity.CEOE said the drop in power demand was less than the 14% experienced in the last general strike.LESS IMPACT DUE TO REMOTE WORKINGWith more people able to work remotely and the increasing weight of services in Spain’s economy, the impact of the strike is likely to be less pronounced than in previous years, according to Miguel Cardoso, chief economist at BBVA Research. He estimated that the strike could shave 0.1%-0.2% off Spain’s annual gross domestic product.Barcelona's metro said no trains would run outside peak commuting hours, while Madrid's metro said it had reduced its service by 50% during most of the day but would increase circulation to 80% of normal service during peak hours. Peak-hour usage was down 42% compared to the same period last week, Madrid Metro said.The CCOO union said on X that police fired pepper spray at pickets at Madrid's Mercamadrid wholesale market and arrested one of them, with 13 people requiring medical attention.A police spokesperson confirmed the arrest but not the use of pepper spray, although he said it was used to disperse a separate picket line in the Carabanchel district.Unions said they would file a criminal complaint against what they described as a “disproportionate” response during a police operation involving tear gas and batons that left 20 protesters injured.The strike follows weeks of demonstrations provoked by the eviction and subsequent death of an 87-year-old woman in Madrid.Those protests, along with parliament's rejection last month of government decrees aimed at curbing evictions and limiting rent pressures, prompted Sanchez to call the snap election.Reporting by David Latona, Andrei Khalip, Emma Pinedo and Mireia Merino; Writing by Charlie Devereux; Editing by Peter Wilkinson, Kate Mayberry and Toby Chopra
மாவீரர்களே, உங்களுக்கு எங்கள் வீர வணக்கம்! மாவீரர் நாள் கவிதை.( அரசவைப் புலவபுதுவை இரத்தினதுரை)மாரிமழை பொழியும், மண்கசியும் ஊர்முழுதும் வாரியடித்து வெள்ளம் வான்பாயும் கார்த்திகையில் பூமி சிலிர்த்துப்போய் பேறடையும்- துயிலுமில்லச் சாமிகளுக்கான சந்தனநாள் வந்தடையும்.மாவீரச்செல்வங்கள் மண்கிழித்து வெளிவந்து சாவீரச்செய்தி சாற்றி உறவுரைத்து பேசும் நாள்.விழியில் பொலபொலன்று நீர்த்தாரை வீசும் நாள்.தமிழீழம் விடியும் என நம்பிப் பாடும் நாள்.விதைத்த பயிர்கள் நிமிர்ந்தழகாய் கூடும் நாள்.தமிழர் குலம் குதிக்கும் நாளிதுதான்,குன்றிக் குரல் நடுங்கி குற்றேவல் செய்த இனம் இன்றிந்த நிமிர்வுக்கு இட்ட முதல் விதைப்பு.சாவைக்கொடுத்தேனும் தமிழ்வாழ்வு என நிமிர்ந்து பேசும்படியான புதுவாழ்வின் புலர்வுதினம்.புனிதர்களின் துயிலுமில்லம் விழிசொரியும் உறவுகளால் விளங்கும்.உள்ளுறங்கும் பிள்ளைகளின் வாய்கள் பேசுவது காதுவிழும்.பள்ளிகொள்வோர் எம்மைப் பார்ப்பதையும் விழியுணரும்.நாமழுதால் சிரிக்குமொலி நாற்திசையும் எதிரொலிக்கும்.தாயழுதால் அம்மா தளராதே எனுமொற்றைச் சொல்லே துயிலுமில்லச் சூழலிலே கேட்டிருக்கும்.பூச்சொரிந்து, நெய்விளக்கில் பொறியேற்றி, விழிசொரிந்து, கார்த்திகையில் அந்நாள் கலங்கி, வெளியில்வர பூத்திருக்கும்,நம்பிக்கைப் பூ…!!!
