Presenting the budget speech, President Ranil Wickramasinghe said that a series of complete education reforms will be implemented.
Accordingly, the president mentioned that steps will be taken to establish four new universities and in the future it is hoped that the provincial councils will also establish universities.
The President also mentioned that the gove ment's aim is to double or triple the number of universities in the next two or three years.
500 million rupees will be allocated next year for the development of state universities to suit the new era and the program will be started from Peradeniya University.
The President also said that he would allow the establishment of those universities in Sri Lanka after making strong laws for the regulation of non-gove ment universities.
Meanwhile, the President mentioned that in addition to the interest-free student loan system, a loan system through commercial banks will be proposed and after getting a job, it will be possible to repay the loan.
It was mentioned that a National Higher Education Commission will be established and decision-making and regulatory powers will be given to it.
Also, 150 million rupees will be allocated to the Sri Lanka Foundation for training courses for the youth who do not have university education to get jobs at home and abroad.
Also, 500 million rupees have been allocated for providing English language literacy.
The President also mentioned that the Suraksha insurance system will be reintroduced and accordingly all students will get that facility.
This year's budget has also proposed to implement an economic and technical cooperation agreement with India.