Opposition Leader Sajith Premadasa has criticised the Government’s 2027 Budget, claiming it fails to address the rising cost of living, poverty and unemployment or provide meaningful relief to struggling households.
Speaking to the media after President Anura Kumara Dissanayake presented the Budget in Parliament, Premadasa said the Government had failed to address the most pressing concern facing Sri Lanka’s 22 million people: their daily struggle to meet basic living expenses.
He argued that the Budget offered no clear solutions to rising prices, inflation or the increasing cost of living, despite the financial difficulties faced by ordinary citizens.
Premadasa also highlighted unemployment among educated young people, referring to figures he attributed to the International Monetary Fund (IMF), which he said indicated a youth unemployment rate of 43%.
He further cited what he described as World Bank figures showing poverty levels exceeding 60%, accusing the Government of failing to introduce effective measures to support vulnerable communities.
The Opposition Leader also questioned the level of support provided to micro, small and medium-sized enterprises (MSMEs), which he said employ approximately four million people and contribute 52% of Sri Lanka’s gross domestic product.
He raised concerns about the proposed interest-free loan schemes, arguing that channelling funds through the existing banking system could favour established borrowers rather than businesses struggling to recover from the economic crisis.
According to Premadasa, entrepreneurs who have experienced financial difficulties would continue to face challenges in obtaining credit under the proposed arrangements.
He also questioned the Government’s plans to promote young entrepreneurs, saying there were insufficient mechanisms to provide the initial and working capital needed to establish and expand businesses.
Premadasa further claimed that economic indicators presented by the President pointed to slowing economic growth and rising inflation.
Warning about the potential social consequences of continued financial pressure, he said difficulties in meeting basic living expenses had triggered public protests in several countries and cautioned that Sri Lanka could face similar challenges if economic conditions did not improve.
Describing the President’s nearly five-hour Budget speech as a “parrot-like” presentation, Premadasa said it lacked practical solutions and failed to reflect the difficulties faced by ordinary people.
He maintained that the Budget had not introduced adequate measures to ease household financial pressures, support struggling businesses or expand employment opportunities for young people.
