{"id":244229,"date":"2025-11-08T18:05:34","date_gmt":"2025-11-08T12:35:34","guid":{"rendered":"https:\/\/www.colombotelegraph.com\/?p=244229"},"modified":"2025-11-16T19:28:52","modified_gmt":"2025-11-16T13:58:52","slug":"the-2026-budget-is-a-betrayal-of-promises-built-on-false-narratives-joke-allocations","status":"publish","type":"post","link":"https:\/\/www.colombotelegraph.com\/index.php\/the-2026-budget-is-a-betrayal-of-promises-built-on-false-narratives-joke-allocations\/","title":{"rendered":"The 2026 Budget Is A Betrayal Of Promises, Built On False Narratives & ‘Joke’ Allocations"},"content":{"rendered":"

By Harsha de Silva<\/a> –<\/span><\/span><\/strong><\/span><\/p>\n

\"\"

Dr. Harsha de Silva MP<\/p><\/div>\n

In my detailed response to the 2026 budget speech, I exposed a government that has not only failed to deliver on its core election promises but has presented a budget that is a betrayal of the very people who voted for it.<\/p>\n

While I acknowledge the government has maintained the macro-economic stabilization achieved by the previous administration, I must challenge its complete lack of any plan for economic growth<\/i>. This budget is not a “system change”; it is “the same old thing” wrapped in a new flag.<\/p>\n

1. The “1 Trillion Rupee” Deception: Hiding a Surplus While Taxing the Poor<\/b><\/span><\/p>\n

* A Massive Windfall:<\/b> I revealed that the Treasury is “overflowing” with an unexpected cash surplus of approximately 1 trillion rupees<\/b>. This windfall came from massive vehicle import taxes (over $1.4 billion<\/b> worth imported), which the government did not anticipate.<\/p>\n

* No Relief, Only More Taxes:<\/b> Instead of using this 1 trillion rupee surplus to provide relief, the government is increasing<\/i> the tax burden. They have widened the VAT net by lowering the threshold from 5 million to 3.6 million rupees per month<\/b> (a mere 100,000 rupees a day), hitting small businesses directly.<\/p>\n

* A New Property Tax:<\/b> I also warned that this government has secretly agreed to implement a new, wide-ranging property tax, which will be rolled out in the first quarter of 2027.<\/p>\n

2. A “Joke” Housing Plan: 1 Million Rupees for a 100-sq-ft House<\/b><\/span><\/p>\n

* The housing promises are a cruel joke. The budget allocates 10.2 billion rupees<\/b> to build 7,000 houses<\/b>. My calculation shows this is 1 million rupees per house<\/b>.<\/p>\n

* With construction costs at 10,000 rupees per square foot<\/b>, this 1 million rupee allocation is only enough to build a 100-square-foot<\/b> structure.<\/p>\n

* This is not a home; it is an insult.<\/p>\n

3. The “416 Worker” Loan: Another “Joke” for State Employees<\/b><\/span><\/p>\n

* The government’s “concessional” housing loan for state workers is equally absurd. They allocated only 500 million rupees<\/b> for the entire program.<\/p>\n

* With 1.4 million state workers<\/b>, this tiny allocation is only enough for 416 employees<\/b>. This is not a policy; it’s a lottery.<\/p>\n

* The real problem, which they ignore, is the crippling taxes on building materials: 49% on cement, 60% on bathroom fittings, and 92% on PVC pipes.<\/b><\/b><\/p>\n

4. No “System Change”: Borrowing 3.8 Trillion Rupees<\/b><\/span><\/p>\n

* This budget proves there is no “system change.” The very people who criticized borrowing now plan to borrow a staggering 3.8 trillion rupees<\/b> in 2026 (3,110 billion domestic and 700 billion foreign).<\/p>\n

* They are taking credit for stabilization achieved by the previous government\u2014when inflation fell from 17% to 1%<\/b> and the USD from 370 to 294<\/b>. Now, under their watch, the rupee is depreciating again, hitting 307<\/b>.<\/p>\n

5. Betrayal of the Youth and SMEs<\/b><\/span><\/p>\n

This budget fails the “five simple dreams” of the youth who voted for them.<\/p>\n

* Jobs:<\/b> Promised state sector jobs are indefinitely postponed.<\/p>\n

* Tax Relief:<\/b> The promise to increase the tax-free income threshold to 200,000 rupees<\/b> was broken.<\/p>\n

* Freelancers:<\/b> Instead of removing barriers, online freelancers, who previously paid 0%, were slapped with a new 15% tax<\/b>.<\/p>\n

* SMEs:<\/b><\/span> The promised “Relief Bank” (\u0dc3\u0dc4\u0db1<\/span> \u0db6\u0dd0\u0d82\u0d9a\u0dd4\u0dc0<\/span>) for struggling SMEs has not materialized, and the “rice mafia” is stronger than ever, squeezing out small millers.<\/p>\n

6. Disingenuous FDI Claims and Exporter Crisis<\/b><\/span><\/p>\n

* The government’s claims of $823 million<\/b> in new Foreign Direct Investment (FDI) are disingenuous. I showed that over 54% of this figure comes from old projects signed by previous governments, including the Adani Port ($229 million)<\/b>.<\/p>\n

* Our exporters, the lifeblood of our economy, are in crisis. The removal of SVAT has created a severe cash-flow problem, as the promised 45-day refund system<\/b> is not working.<\/p>\n

* There was also complete silence on crucial trade deals like RCEP and ECTA, proving they have “no political will to walk the talk.”<\/p>\n

7. Ongoing Corruption and Neglect of the Elderly<\/b><\/span><\/p>\n

* While I support the anti-corruption talk<\/i>, I pointed to new procurement irregularities, such as a tender for 1,775 double-cabs<\/b> where the mandatory bid period was allegedly and improperly cut from 42 days to just 12<\/b>.<\/p>\n

* Finally, the budget fails our senior citizens. There is no progress on a pension for the non-formal sector. Worse, I allege the government secretly agreed with the IMF to stop<\/i> the interest subsidy for senior citizens’ fixed deposits by the end of this year\u2014a crucial fact omitted from the budget speech.<\/p>\n

In conclusion, my analysis positioned this 2026 budget not as a vehicle for change, but as a document of broken promises. It fails to address the real needs of the youth, the elderly, and the nation’s key economic drivers.<\/p>\n","protected":false},"excerpt":{"rendered":"

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