The Hon. Wijesiri Basnayake

¶ 01 Hon. Deputy Speaker, first, thank you for the time to speak in the 2025 Budget Debate. We are debating the 79th Budget of independent Sri Lanka, and the 49th Budget presented to this House, by Hon. President Anura Dissanayake, amounting to 2605564000. This is the inaugural Budget of the National People’s Power (NPP).

¶ 02 What is a Budget document? It sets out how a Government will raise revenue, spend it, bridge deficits, and share any surpluses. We are discussing the NPP’s inaugural Budget.

¶ 03 “Mangala” signifies auspicious. Like the 38 blessings in the Maha Mangala Sutta that set out how to improve one’s economic, social, cultural, and spiritual life, this Budget lays out 45 important measures. Based on these, what do we aim to do?

¶ 04 In recent years, our country suffered a negative economy. Agencies like Moody’s and Fitch downgraded us. Inflation soared. In the Global Competitiveness Index and the Ease of Doing Business, we were at the bottom. We spent the least on research and development. Labour productivity and our ability to utilize human capital and pay decent wages were low. This Budget is about setting the country straight and uplifting people’s economic, social, cultural, and spiritual lives.

¶ 05 The Opposition asks about our economic model. The President explained three key principles of the 2025 Budget: first, increasing production in agriculture, industry, and services; second, ensuring active participation of the people in a production economy; third, ensuring fair distribution of the benefits of that participation. Built on these principles, the Budget also outlines a mid-term direction to raise GDP growth above 5%, expand supply capacity, keep inflation low and stable, and maintain a stable current account balance, thereby improving living standards. Fundamentally, this Budget confirms the economic rights of the people.

¶ 06 Some in the Opposition say this is an election Budget. No, this Budget is to improve the people’s economic rights and to represent every social stratum and group across all sectors.

¶ 07 This document even addresses prisoners—who are human, too—by measures to improve their lives. It addresses orphans and persons with disabilities. Many people rely on public transport; we give weight to that sector. Youth await the day when their school and university qualifications have value. We propose 30,000 jobs via a recognized process with exams and interviews. Funds are also provided to improve youth mental health; many children are addicted to smartphones, lowering mental health—this must be addressed with a robust program.

¶ 08 To grow the economy, we must grow GDP, which comprises domestic consumption, investment (both FDI and local), government expenditure including infrastructure, and net exports. This Budget includes many proposals to raise domestic output.

¶ 09 We focus on five core areas: the economic sector (agriculture, manufacturing, services), social sector, national security, infrastructure, and government transformation, with about 30 main clusters identified. We set out how to progress these in the first year.

¶ 10 The Opposition alleges we expand the public sector at the expense of the private sector. That is false. There are numerous proposals to expand the private sector: support exporters to obtain quality certificates; enact the Investment Protection Act; complete the Colombo Port East and West Container Terminals; expedite the proposed Colombo West Terminal and Colombo North Port; prepare facilities at the Katunayake Customs clearance yard and the Bloemendhal logistics park, among others.

¶ 11 Some claim this is Ranil’s or the IMF’s Budget. No, it is a progressive Budget. It allocates Rs. 749 billion for social protection, Rs. 604 billion to strengthen public health services, and Rs. 619 billion for education, with plans to raise it steadily even if we cannot reach 6% immediately. Pre-school nutrition, long neglected, also gets Rs. 619 billion to uplift early childhood education. About 4% of GDP—around Rs. 1.3 trillion—is allocated to capital expenditure, injecting resources back into society.

¶ 12 We will drive digitalization—towards a cashless society, paperless and peopleless offices—providing required funding, thereby elevating people’s economic, social, political, cultural, and spiritual lives. Let us all join to build the most beautiful, cleanest, and most prosperous country in Asia. Thank you.