The Hon. Manoj Rajapaksha

¶ 01 Hon. Deputy Chairperson of Committees, today we debate the new Regulation issued under Section 22 of the Foreign Exchange Act, No. 12 of 2017. Many Members of our Government spoke of its importance. There has been a favourable progression in our foreign exchange market and, in line with our agreement under the IMF EFF programme, we are gradually relaxing capital flow measures. Our foreign reserves are strengthening, as indicated by several statistics presented in this debate.

¶ 02 In 2025, over USD 3 billion accrued from tourism, with more than 2.3 million tourist arrivals. Worker remittances amounted to USD 8.2 billion — the highest in recent years. Export earnings reached USD 17.1 billion. Our reserves are strengthening. We were bankrupt economically; we could not even import a month’s essential food and consumer goods. Without sufficient reserves then, the country is now stabilising, as shown by this data. In this context, we can introduce regulations like these.

¶ 03 This measure provides facilitation when our businesses purchase enterprises, brands or industries abroad for expansion. It increases limits for capital transactions through foreign currency accounts. It signals economic stability, reserve stability, and sound economic management. Anyone who is not cynical will accept this.

¶ 04 This morning, H.E. the President addressed Parliament. Given the escalating conflict in the Middle East, there are global impacts which affect our people, our economy, and our businesses. Our people and businesses are anxious about their future due to the war in the Gulf region. The President bears a responsibility, which he has not abandoned. He came to this supreme Parliament to deliver a message to all our people. Yet, some in the Opposition trivialised and mocked it. Do they want a President who speaks in any way they wish? That is not the President we have. He is a President entrusted with our nation’s future.

¶ 05 One Member alleged our Government engages in fraud, corruption and abuse. Listening here, it seemed they were recalling their own past. Who turned theft and corruption into an art? We know that history well. Now they make baseless accusations. Change requires substance and argument. I ask that Member to reflect: those are empty words not accepted by society. This Government has established better governance eliminating theft and corruption, and we will move forward accordingly.

¶ 06 Regarding Iran and the Middle East, we see norms collapsing day by day. We strongly condemn all killings of civilians in Iran and attacks carried out. We pray that this war ends quickly and peace dawns upon the world.

¶ 07 Thank you, Hon. Deputy Chairperson of Committees.