The Hon. Chathuranga Abeysinghe - Deputy Minister of Industry and Entrepreneurship Development

¶ 01 Hon. Deputy Speaker, as we debate today’s item, the President provided a scientific and clear explanation of where the country stood and where it is heading. Unfortunately, the Opposition Leader responded with unscientific claims and the same old political talking points.

¶ 02 When designing our economy, the National People’s Power adopted the theme of a “Resilient Economy,” because uncertainty is now the certainty. We cannot control all global shifts, but we can build an economy that withstands shocks. The senior Opposition MPs governed for decades. Did they secure food security? No. Energy security? No. Financial stability? No. They managed the economy for years, stripped it of its fundamentals, and bankrupted the country before fleeing.

¶ 03 The Opposition Leader made several inaccurate statements. He claimed that by 2028 we cannot repay USD 3.5 billion due. That is baseless. Last year we paid USD 3.9 billion in debt service. If exports, tourism and remittances rise, and investment improves in 2025 over 2024, we can meet 2028 obligations. Fear-mongering undermines investor confidence. Some even prayed for queues and chaos to regain power. For over a year they awaited a crisis to exploit with soundbites. The President has made clear why such attempts will fail.

¶ 04 He now lectures us on scenario or contingency planning. Where was that in 2015 when Sri Lanka issued ISBs at 7%? Our lack of systemic planning was exposed by the “Ditcha” cyclone—tank capacity, pipelines, sudden poverty impacts. For decades, ad hoc decisions prevailed without coherent economic policy. We are now addressing structural issues: digitising sectors, upgrading transport networks, strengthening energy infrastructure and driving education reforms to lift the economy.

¶ 05 The recent Central Bank report shows advances: higher trade surplus values; remittances up by USD 751 million; Gross Official Reserves rising from 6.8 months import cover now around 3.8 months cover; building reserves and progressing steadily. Attempts to trigger economic instability via media soundbites will not sway an electorate that has already made a wise political choice.

¶ 06 Today’s Regulation under Section 22 of the 2017 Act is another step in that direction. During the worst period of bankruptcy and FX scarcity, we imposed restrictions on outward capital transactions by residents and businesses. Over the past year we have gradually relaxed them, signalling strength. We now tell investors that the USD 200,000 limit is raised to USD 500,000, and the personal cap from USD 20,000 to USD 25,000—facilitating economic expansion. Our local firms are acquiring factories and planting their brands abroad; this momentum will grow as we liberalise prudently.

¶ 07 Ultimately, we seek a resilient economy—able to rebound quickly from shocks. The Government is undertaking the necessary reforms and expansionary measures to meet growth, export, reserve, remittance and tourism targets. The Opposition’s duty is to engage scientifically and pragmatically, not to undermine Sri Lanka with random statements. We maintain good relations with all states and will steer policy prudently amid global change. Do not panic; the Government has instituted the necessary measures to manage this situation. We also seek the Opposition’s support to make Sri Lanka a developed nation. Thank you.