The Government will create a new formula after which a public sector wage hike will be introduced next year. Discussions will be held with public sector trade unions before the formulation of the new formula.
Acting Finance Minister Dr. Sarath Amunugama made these remarks while presenting the budget speech in parliament.
He pointed out that even with a natural disaster such as a Tsunami they were able to build up much faster than the other countries that were affected. He revealed that unemployment which was 8.3% in 2004 has significantly dipped to 5%.
Referring to tourism Minister Sarath Amunugama disclosed that tourist arrivals increased by 28.5% in the year of 2010. Furthermore, he said the Inflation percentage currently is at 3.8%. By 2009 state debts stood at 102 percent. By now it had declined to 80 percent. He pointed out that the 2011 budget is scheduled to be presented in Parliament in November. He claimed that the government was able to maintain the GDP above six percent. Facilities at State Banks were enhanced to grant loans. This was done not by selling state property or curtailing the workforce. Their target was to maintain a surplus in revenue.