(MENAFN - NewsIn.Asia) Colombo, Dec 9 (newsin.asia) - Sri Lanka's parliament on Saturday, passed the government's budget for 2018 with an overwhelming two thirds majority.
The budget vote, which was taken up on Saturday evening, saw 155 lawmakers voting in favour and 56 voting against.
The budget for 2018 was presented to the Sri Lankan Parliament in November by Finance and Media Minister Mangala Samaraweera.
The 2018 Budget, which is Samaraweera's first after being sworn in as finance minister in May, saw many tax reductions and proposals to strengthen several sectors including foreign direct investment, education, health, tourism and economic development.
Presenting a speech in Parliament, Samaraweera said this Budget was the first step in a journey to empower Sri Lankans to take control of their own destiny.
"The Budget focuses on liberalization to unlock the barriers to greater investment, trade, and start-up enterprises. It also allocates resources to provide training and skill development for youth to equip them with the capabilities to take advantage of such opportunities," Samaraweera said.
Some of the key features of the budget include to introduce friendlier laws to register businesses in order to attract larger FDIs, establish high tech innovation parks and transform all vehicles in the country to be powered by non-fossil fuel sources by 2040 and all government vehicles to be converted to hybrid or electric vehicles by 2025.