The State of the Budget 2023 report compiled by Verité Research assesses the financial, economic and fiscal assumptions, the computation of estimates, and reporting standards applied in the 2023 Budget Speech. State of the Budget is set out in four main sections. Section one introduces the report, sets out its objectives and provides some background to Sri Lanka’s budget formulation process. Section two draws attention to the various deficiencies in the budget. Section three provides an analysis of the revenue estimates used in Sri Lanka’s 2023 Budget. Section four focuses on expenditure allocations and highlights concerns regarding the 2023 budget.