Former Finance Minister Critiques 2027 Budget for Lack of Practical Solutions

The recently introduced budget could be perceived as a departure from the stringent conditions of the International Monetary Fund, but it falls short of providing tangible measures to alleviate the rising cost of living or advance the overall economy, former Finance Minister and Member of Parliament Ravi Karunanayake stated.

Speaking to the media regarding the budget proposal for 2027, presented to Parliament by President Anura Kumara Disanayake, Karunanayake voiced his concerns.

With inflation currently hovering at a notable 8.3 percent, he highlighted that the budget does not outline any direct solutions or pathways to ease the financial burden on the public.

"This is the first budget we can view as operating outside the parameters set by the International Monetary Fund. However, I fail to see any measures within this budget aimed at reducing the cost of living for the people," he emphasized.

Amidst an environment where inflation stands at a high 8.3 percent, he reiterated that no comprehensive responses are included in the budget. Moreover, he noted that there is a lack of clear strategies within the budget that would effectively drive the country’s economy towards definitive targets.