Independent MP Premila Kumar criticized the budget as being out of touch with the real needs of the people, describing it as “myopic, inequitable, and neglectful.”
Kumar noted that the budget is myopic due to its heavy reliance on the tourism sector, which leaves the nation vulnerable to global market conditions.
“This budget is inequitable. I expected a fair distribution of wealth and resources to reduce inequality between the ‘haves’ and ‘have nots’. However, it neglects low wage workers and pensioners. Does the Government truly believe that a 50 cent increase per hour is enough to keep a roof over their head and put food on the table?” said Kumar.
She further stated that the budget is neglectful, failing to address critical issues such as the exodus of skilled workers, stimulating private sector growth, or tackling the high cost of living.
“Last year, I cautioned the Government about the consequences of passing a budget relying on easy revenue by increasing duties and taxes. We have already seen clear signs of a troubled economy. Since November 2023, our economic growth forecast has been revised downwards twice from an initial 3.8 percent to 2.8 percent. Inflation peaked at a 10-year high of 7.1 percent in April, slightly dropping to 5.8 percent in May, and it is anticipated that the inflation will be around 4.4 percent at the end of 2024. With all this spending, we expect inflation to go up.”
Kumar also pointed out that except for gold and a few commodities, other sectors were underperforming.