Finance Minister Ravi Karunanayake today revealed that reduction of prices in the interim budget had an impact of average Rs.7500 per family.

According to Karunanayake, this figure was revealed by a research conducted by the University of Colombo. He made these remarks addressing a 'budget forum' that was held at Taj Samudra hotel yesterday (25) morning.

The interim budget of the new government led by President Maithripala Sirisena reduced taxes on 13 essential goods while increasing the salaries of the state sector by Rs.10, 000. A few days before the interim budget, the new government also announced a fuel price reduction with the aim of bringing down cost of living.

Karunanayake, addressing the forum also said 15 percent interest rates promised on senior citizen deposits will come into effect fromApril 1, 2015. "

"The policy of the new government is not to benefit only a two percent of the country's population, but to create a level playing field for everyone," Karunanayake said while adding that the government was keen on promoting entrepreneurship across the society.

He also added that the Sri Lankan economy, under the new government, would become a manufacture-led economy. The Finance Minister also stated that the government would take measures to ensure that the benefits of the interim budget trickle down to various layers of the society.