August 07, Colombo (LNW): Addressing Parliament, President Anura Kumara Dissanayake announced that domestic investment levels have seen an impressive 18 per cent growth compared to the previous year, with current economic trends pointing to what could become one of the strongest fiscal years in Sri Lanka’s recent history.
Speaking candidly during the session, the President recalled how the government’s revenue projection of Rs. 4.5 trillion for the 2025 budget had initially been met with scepticism.
Many critics had dismissed the target as overly ambitious, even fantastical. However, he asserted that the government’s commitment to overhauling revenue collection mechanisms is beginning to deliver tangible results.
Central to this turnaround, the President noted, has been a comprehensive reform programme targeting key revenue-generating institutions, including the Inland Revenue Department, Sri Lanka Customs, and the Excise Department.
Efforts to broaden the tax base, crack down on evasion, and modernise outdated administrative practices are now showing early signs of success.
In a pointed yet light-hearted remark to legislators, President Dissanayake revealed that he is in possession of a list identifying 200 of the country’s most significant tax evaders, collectively owing between Rs. 100 and 150 billion to the state. “Don’t worry—none of your faces are on it,” he quipped, eliciting laughter across the chamber.
Further addressing financial accountability, the President disclosed that 50 high-profile loan defaulters, all of whom had obtained substantial loans from state-owned banks, have been summoned for direct discussions.
He underscored that state financial institutions have been granted complete autonomy to pursue legal and financial remedies without political interference, reaffirming his administration’s zero-tolerance stance on corruption.
On the external economic front, President Dissanayake projected that foreign reserves could exceed US$ 7 billion by the end of the year—a figure that, if realised, would mark a substantial recovery from previous lows and strengthen the country’s economic standing on the global stage.
The President’s address painted a cautiously optimistic picture of Sri Lanka’s economic trajectory, suggesting that with continued fiscal discipline, institutional reform, and a commitment to transparency, the country may be turning a corner after years of financial instability.
