Amid Looming Crisis And Continued Rupee Depreciation, Mangala's Budget Theme Is "Strong Economy And Prosperous Nation"

Finance and Media Minister Mangala Samaraweera today said the theme of Budget 2019 would be "Strong Economy and Prosperous Nation." 

The Minister's theme has come against a backdrop where the Sri Lankan economy has run into a serious foreign exchange crisis, making a debilitating impact on day-to-day economic activities. 

The Sri Lankan currency hit a record low against the US Dollar, several times, and the continued depreciation is expected to affect the economy for at least several months. 

Adding insult to the government's wounds, fuel prices have also seen a spiralling increase in the recent past and are expected to hike further due to US sanctions on Iran and the depreciating currency.

The fuel price formula, introduced by the Finance Minister to offset the impact of the crisis has earned severe criticism even from the leader of his own government, President Maithripala Sirisena. 

Commenting on the Finance Minister's budget theme, an economic analyst said Sri Lanka, this year, would see the most ironic budget theme in its history. 

"The Finance Minister and the government can no longer hide behind fancy catchlines and PR spins. He must step up and deliver," he added. 

Prime Minister Ranil Wickremesinghe, addressing a recent gathering in Colombo before he left for Norway, said no one could think of an escape route from the current crisis. 

Meanwhile, the Finance Minister has also asked the public to send their budget proposals to Director General, Dept of Trade and Investment Policy, Ministry of Finance and Mass Media, Colombo 01.