United National Party (UNP) Chairman and former Minister Vajira Abeywardena has criticised the government’s 2027 Budget, claiming it fails to address the country’s pressing economic challenges or provide meaningful relief to the public.
Speaking at the UNP political office on Flower Road in Colombo, Abeywardena said the Budget lacked proposals to secure the future of young people, particularly Millennials and Generation Z.
He claimed that while the world was advancing rapidly through technology, Sri Lanka continued to lag behind, with no adequate proposals to create technology-driven employment opportunities for younger generations.
Abeywardena also raised concerns about Sri Lanka’s future debt repayment obligations, claiming that the country would need to increase its foreign reserves to USD 13 billion by 2028.
He said Sri Lanka would also face debt repayments of between USD 3.5 billion and USD 4 billion to international institutions by 2028, alleging that the Budget had failed to explain how these obligations would be met.
The former Minister further questioned the government’s approach to the International Monetary Fund (IMF) programme, claiming that the appointment of a new committee to oversee related matters suggested divisions within the administration.
Turning to the cost of living, Abeywardena claimed that many public sector employees were struggling financially, with some spending nearly 60% of their salaries on loan repayments.
He also said ordinary citizens had been forced to pawn jewellery and other valuables to meet daily expenses, while some had lost their pledged possessions because they could not repay their loans.
Abeywardena argued that the Budget contained no meaningful measures to help such families recover from financial difficulties.
He defended the economic policies introduced under former President Ranil Wickremesinghe, claiming they had helped stabilise the country following the economic crisis.
The UNP Chairman said the current administration had failed to present a clear economic vision or strategy to sustain that recovery. (Newswire)