The Hon. Ajith Agalakada

¶ 01 Madam Presiding Member, today we review the first Central Bank report covering the first full year after we assumed governance and presented a Budget. The tables, charts, and figures show we achieved successes, but beyond numbers there is a deeper story.

¶ 02 We are not a traditional political movement that inherits power from political families. We took over a broken economy—after years of degradation, tax reliefs to cronies, and plunder of state assets. There were import bans on around 2,000 items including essential raw materials. The Corruption Perceptions Index ranking was at a low. Officially, the world recognized us as bankrupt; international confidence was broken; our passport and creditworthiness had no place abroad. Leaders then asked for time until 2048. People were fleeing the country.

¶ 03 The opposition mocked us as inexperienced, unknown to any foreigner, unable to speak English, new to state administration. Despite that, since September 2024 we governed, presented our own 2025 Budget, and achieved these gains.

¶ 04 State revenue reached 16.7 per cent of GDP—historically it was 23 per cent in 1990, enabling the State to provide services. We are moving back up. In Asia, government revenue should be around 24 per cent of GDP; we believe we can reach it soon. Historically, deficits exceeded projections; yet by end-2025 we reduced the deficit from 6.8 per cent of GDP to 2.3 per cent. For a team with limited prior experience, that is a major achievement.

¶ 05 Primary balance: the IMF asks for at least +2.3 per cent of GDP. We reached +5.4 per cent. Per capita income rose from USD 4,546 to USD 5,003; the economy’s size from USD 99.6 billion to USD 108.8 billion. Remittances rose from USD 6.6 billion to USD 8.1 billion, reflecting renewed trust. We attracted record tourists and maintained 5 per cent growth.

¶ 06 In the past, budgets always underperformed, required more borrowing, and money printing. How did our “new” team reverse that so quickly? Due to our organizational discipline, collective decision-making, and people-centric approach—allocations made fairly across districts based on need, not individual political clout. We analyze data collectively and proceed. We believe we can sustain and expand these gains and deliver a prosperous country and better lives in a short time. Thank you.