The Hon. Sunil Rajapaksha

¶ 01 Mr. Speaker, today at the Adjournment, I move the following:

¶ 02 “Alongside the historic economic contraction of 2022, Sri Lanka’s economy came under severe risk. However, by end-2025, although risks have not fully dissipated, the Central Bank of Sri Lanka’s Annual Economic Review 2025 identifies several key indicators showing that the economy is moving forward on a sustainable path. Under the Government’s prudent economic policies, inflation remained at very low levels throughout 2025 and was contained. Sri Lanka’s economy has surpassed USD 100 billion. Per capita income has exceeded USD 5,000. Worker remittances have recorded the highest value in history. The current account balance has recorded a higher surplus than in previous years. The banking and financial system is strengthening, with non-performing loans continuously declining. Thus, Sri Lanka’s economic activity has reached a degree of stability, and while growth prospects exist, external risks remain.

¶ 03 Therefore, while minimizing global economic risks, structural reforms in the economy must continue. For that, I propose that the full cooperation of all Members of this Hon. House be extended.”

¶ 04 Mr. Speaker, for many years, wrong economic strategies, implemented without proper planning and correct policy, had entrapped the economy—

¶ 05 In 2024 we took over a shattered economy, broken by decades of wrong economic strategies and policies—a country and a society in distress.

¶ 06 The first Budget of 2024 was presented to the country. With correct policies and sound management, we have achieved one year of economic progress. Many who attempt to disrupt this House today know very well that in a short period, by following the right path, administering correct economic management, stabilizing the economy, and setting the country on the right course, we have made progress. The Central Bank’s 2025 Review further confirms this Report.

¶ 07 Using various media—and sometimes coming even to our Oversight Committees and Advisory Committees—to give “tuition” to the Government and to advise us, I must remind them of the year 2022 which they prefer to forget. Before speaking about 2025, I must remind them about that year.

¶ 08 That so-called experienced group, when properly examined, oversaw an 8.7 percent contraction in 2022. Not only that, national revenue fell by 15.97 percent compared to 2021; inflation surged from 7.1 percent to 49.7 percent; foreign reserves fell to the lowest in our history—USD 1,752 million. Debt-to-GDP rose to 113.8 percent. Per capita income fell from USD 3,997 to USD 3,354. That is the state in which these “masters” left the country. Therefore, the people entrusted this country to a democratic Government in 2024 to put it on the right path. We are now proving—through indicators—that we are taking the country forward correctly. The Central Bank’s Report confirms that from 2025 we have maintained real GDP growth continuously at around five percent.

¶ 09 This is not growth in just one sector. We have spread growth across all sectors. In the last year, agriculture grew by 1.4 percent, giving us confidence to build a production economy. That policy is visible in the indicators. In 2025, industry grew by 7.8 percent and services by 3.3 percent.

¶ 10 Thus, across all sectors, by stabilizing and managing correctly, we have worked to steady the economy. Nominal GDP rose from USD 99.6 billion to USD 101.8 billion by 2025. In rupee terms, it increased from Rs. 30.0 trillion to Rs. 32.8 trillion. In rupee terms, that is 8.8 percent growth.

¶ 11 Because of our correct economic management and direction, for the first time in Sri Lanka’s history, per capita GDP exceeded USD 5,000. It is now reported at USD 5,003. We are happy to say we have steered a fallen economy in the right direction and have an answer to those who tried to lecture us.

¶ 12 There are many new developments. Tourist arrivals increased from 2.05 million to 2.36 million in 2025.

¶ 13 Worker remittances grew from USD 6.6 billion to USD 8.1 billion—

¶ 14 With respect to your point of Order, please raise it—what is your point?

¶ 15 I was silent for seven minutes seeking to raise a point of Order. This has never happened in Parliament.

¶ 16 This is a mess you all created among yourselves.

¶ 17 Hon. Chamara Sampath Dissanayake represents our party and has raised a serious matter at this moment.

¶ 18 Mr. Speaker, as I was saying, despite increased expected expenditure due to permitting vehicle imports again after five years in February 2025, our historic export earnings enabled us to withstand the impact. We ended the era of a bankrupt economy and cautiously liberalized vehicle imports.

¶ 19 With the growth in worker remittances, the external sector recorded commendable improvement. Remittances rose to USD 8.1 billion in 2025—the highest in history. The exemplary, corruption-free political culture and leadership of the current Government inspired trust among Sri Lankans overseas, reflected in the surge in remittances.

¶ 20 After the largest debt service payments since 2020, gross official reserves exceeded USD 6.8 billion. Net FX purchases by the Central Bank rose by USD 2 billion. The current account surplus increased from USD 1.2 billion in 2024 to USD 1.7 billion in 2025. The banking and financial system strengthened rapidly. Banking sector performance improved in 2025, with stronger assets and capital, and private sector credit expanded—loan growth rose from 10.7 percent in 2024 to 25.2 percent in 2025; outstanding private credit increased from Rs. 790 billion to Rs. 2,056 billion. State-directed credit reached agriculture, industry, and the SME sectors. Public finances improved: government revenue rose from 13.6 percent of GDP in 2024 to a record 16.7 percent in 2025.

¶ 21 In rupee terms, fiscal consolidation continued; the deficit narrowed and primary surpluses were secured. Inflation remained contained.

¶ 22 Despite severe disruptions and global headwinds, including the “Ditva” cyclone at the end of 2025 and current global economic strains with oil price pressures, we have stayed the course. We will remain steady in 2026 as well. If you love this country, support setting it on a correct path, not sabotaging it. Help us take the economy forward with correct policy and action. Thank you, Mr. Speaker.