The Hon. Kaveenthiran Kodeeswaran

¶ 01 Hon. Presiding Member, today many issues relating to foreign exchange were discussed. To earn foreign exchange and promote exports sustainably, we also need proper investment promotion. But amid multiple crises, the Government seems insufficiently focused on stable measures to earn FX.

¶ 02 Though growth has moved from 3% to 4%, the Central Bank is pursuing higher interest rates to secure income. We cannot expect this to develop the economy.

¶ 03 There is now an abnormal international situation, notably war in the Gulf. Over a million of our workers abroad — the main source of our foreign exchange — are in a precarious state, and sending money home is becoming harder. If remittance channels do not function properly, their families here will face economic distress. What will the Government do to support those families and address their financial difficulties?

¶ 04 The President said today we have fuel sufficient for two to three months. But if the war continues, what are the alternatives? If petroleum inflows stop, from agriculture onwards the whole economy will suffer and we may return to the paralysis of 2022-2023. Farmers and fishermen must be protected; petroleum is essential to rebuild the economy.

¶ 05 Tourism is the easiest avenue to earn FX; we should actively promote it. While large numbers arrive, how many are actually spending foreign currency domestically at scale? We must increase net FX retention and implement the necessary measures to stabilise the economy.

¶ 06 Look at India, our neighbour; they have advanced, while Sri Lanka stagnates. Only by maintaining proper international relations and diplomacy, and by introducing stable investment promotion and planning to earn sufficient FX, can we bring stability.

¶ 07 Thank you.