Samagi Jana Balawegaya (SJB) Parliamentarian Eran Wickramaratne yesterday alleged that despite the popular notion that the economy is reviving, only the appearance of the economic situation has changed, and that the economy is still in a crisis.

He made these remarks during a press briefing yesterday (26), where he explained that declined tax revenue is proof that the economy is not recovering as expected or portrayed. Pointing out recently revealed tax revenue for the year 2023, Wickramaratne noted that the year’s expected tax revenue has fallen short by approximately Rs. 408 billion. The Inland Revenue Department has collected only Rs. 1,550 billion as opposed to the target of Rs. 1,667 billion. Sri Lanka Customs has received only Rs. 974 billion despite its target of Rs. 1,220 billion. The Excise Department has been able to collect only Rs. 171 billion as opposed its target of Rs. 217 billion.

The failure to achieve tax revenue targets is ‘a red flag,’ according to Wickramaratne.

He added that merely because there are no more queues to purchase essentials, it is erroneous to say that the economic crisis has been addressed. Noting that the prices of basic goods have increased by around 300% since 2019, he observed that it is a sign of overall economic decline.

“We saw the economic crisis coming and how the then government took wrong decisions,” Wickramaratne said, opining that the country was bankrupted by wrong policies.