Budget 2025 to see reforms at further stabilising economy – Prof. Wasantha Athukorala

Peradeniya University’s Economics and Statistics Department’s Senior Professor Wasantha Athukorala said the Government is working to steer the country, plagued by corruption, fraud and mismanagement for 76 years, in the right direction under the “Clean Sri Lanka” initiative.

He emphasised the importance of accelerating the country’s economic growth in 2025, building on the progress achieved in the past year. Prof. Athukorala stated that the upcoming budget is expected to introduce a series of reforms aimed at further stabilising the economy. Addressing the challenges the Government faces in overcoming the economic crisis, he explained:

“For 76 years, this country operated under corruption, fraud and inefficiency, preventing us from leading our economy and society in the right direction. As a result, we were driven into a crisis. However, in 2024, we laid a foundation for recovery. Achieving 5% economic growth and nearly 10% growth in the industrial sector were positive signs. Controlling inflation significantly and bringing interest rates to levels conducive to encouraging the business community were notable achievements.”

He also highlighted that the Central Bank successfully increased reserves and stabilised the Sri Lankan Rupee over the past year, creating a foundation for economic growth. Prof. Athukorala stressed the importance of utilising the country’s resources, human capital and the current social awakening to aim for 8% to 10% economic growth this year. “If such progress is achieved, the risks associated with repaying foreign and domestic debt will diminish.

Stabilising both the economy and society is crucial to transforming Sri Lanka into a rapidly developing state. There is widespread opposition within society against corruption, fraud, and bribery. Both political leaders and citizens are calling for a transformation into a state free from these issues. The current Government must understand this and work toward a Clean Sri Lanka. The national budget, expected to be presented in February, must provide creative solutions to the country’s persistent problems. However, this task cannot be accomplished by the Government alone; society must also commit to this effort,” he added.

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