Hon. Sujeewa Senasinghe

¶ 01 We transformed state entities into profit-making institutions, Madam Deputy Chairperson of Committees. Notably, Lanka Mineral Sands, MILCO, National Paper Company, Kalubovitiyana Tea Factories, Gal Oya Plantations (Pvt) Ltd, the Agricultural and Agrarian Insurance Board, and the Industrial Development Board were turned around to generate profits. We did not misuse funds of the Mahapola Higher Education Scholarship Trust Fund. We summoned its representatives and officials before COPE and saw the extent of misuse that had taken place in this country. Funds of the Mahapola Trust had been spent to sustain certain private institutions; we saw how allocations were given to some private universities in Malabe, obstructing state revenue streams. However, during our administration, after many years, we increased the Mahapola stipend for university students from low-income families from Rs. 5,000 to Rs. 7,500. We also restarted the long-abandoned and bankrupt works on the Central 83558 Road. We resumed these projects under a framework free of theft, fraud, corruption, and waste, and we paid close to Rs. 20 billion in dues to restart this work.

¶ 02 Madam Deputy Chairperson, looking at the recent year, we moved forward balancing revenue and expenditure. In the first quarter of 2024, revenue was Rs. 2,156 billion; by the first quarter of 2025, we increased it to Rs. 2,279 billion. Expenditure in the first half of 2024 was Rs. 3,034 billion; by the end of the first quarter of 2025, we executed Rs. 3,291 billion in expenditure. We spent in proportion to our objectives—without theft, waste, or fraud.

¶ 03 Madam Deputy Chairperson, we have targets for next year. One is to reduce VAT from 18% to 15% by 2026/2027. We will give tax relief to our people. In this Budget cycle, we structured the process without imposing new taxes on the people. We will narrow the Budget deficit further next year. By 2026, our policy is to achieve key economic targets: an efficient public service, a people-friendly environment, new industrialization, social protection, empowering the rural economy, digitalization, and improving infrastructure—an economic program grounded in a broad vision. Fiscal discipline is improving, the deficit is narrowing, and our economic policy ensures transparency for foreign and domestic investors to invest freely. We follow a sound policy against fraud and corruption.

¶ 04 Finally, I note that our COPE Chair and members have studied past frauds and presented a strong report. We will create the environment to implement it. Thank you.