The Hon. (Mrs.) Nilanthi Kottahachchi, Attorney-at-Law

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

¶ 02 A nation’s development depends on the decisions, strategies, and policies of its rulers. After Independence, disastrous economic policies and a corrupt political culture left us with a shattered economy and society. When a country descends into disorder, only correct political leadership can rebuild it. That is why the National People’s Power received an unprecedented mandate to govern.

¶ 03 We now must provide answers for an imbalanced economy and for people suffering due to that imbalance. We have accepted this challenge, proceeding along the middle path, realistically, to fulfil, in a planned manner, the pledges in our “A Prosperous Country and a Beautiful Life” manifesto.

¶ 04 The Leader of the Opposition asked whether we would tear up our manifesto. We will not. The people placed great trust in us. Even if the Opposition tries to tear it up, we will implement what we promised.

¶ 05 On 12 April 2022, the Government officially announced it could not service debt. That destroyed confidence and access to credit. The people know previous rulers failed to manage and utilize national resources prudently, leading to loss of creditworthiness.

¶ 06 Bankruptcy occurred because those rulers failed to build the economic foundation, to promote SMEs, to harness human capital, and to make the public service efficient. Year after year we marched to crisis, ratings fell, and the world lost confidence in lending to us. People petitioned the Supreme Court asking who is responsible, and the Court identified those responsible. Sadly, those leaders remain free while the people still bear the pain. As Government, we will ensure people receive a fair share of the economy’s recovery, and within five years we will implement our plan on the ground.

¶ 07 Debt is not a crime. The concept of credit predates money itself. In a market economy, borrowing helps start and grow businesses and generate profits. But borrowers—individuals, firms, or states—must know their limits; otherwise they can go bankrupt. Today we suffer because previous rulers ignored that.

¶ 08 We have been in office for less than a month when this debate occurred; yet the Opposition is eager to undermine our step-by-step path. We are confident we can proceed with the people’s trust. The Prime Minister and Government invited the Opposition to join in this effort—this is our common country.

¶ 09 Our debt ballooned abnormally because rulers did not forecast risks; and they failed to invest borrowed funds in productive projects. Instead, debt was misused for political aims, undermined by inefficiency, bureaucratism, corruption and tax favoritism for cronies, weakening revenue administration and depriving the State of resources—hence loss of debt sustainability.

¶ 10 Hon. Leader of the Opposition, we know the difference between medicine and poison; even the best medicine is poison if overdosed. Countries have succeeded, failed, or taken the middle path with the IMF. Hon. Ravi Karunanayake said we are taking forward the plan of former President Wickremesinghe. We are not. We are taking it forward under our own distinct programme, in the manner the people mandated. If the former President had truly led the country forward, he would be in that chair today; the people rejected him because they understood the role of his circle in leading the country to bankruptcy.

¶ 11 Finally, our stabilization path is yielding benefits: the CSE reached historic highs yesterday. Let us send a message to the people: have confidence. We will not betray that trust. Over the next five years, we will implement our plan—“A Prosperous Country and a Beautiful Life.” Thank you.