The Hon. Roshan Akmeemana

¶ 01 Thank you, Hon. Presiding Member.

¶ 02 As new MPs, today feels somewhat unfortunate. The Opposition we face is a group that, even in a Budget debate, offers little to learn—senior MPs unable to present substantive ideas. From their most senior economic voice on opening day through the rest, they tried to reduce our Budget to being merely an IMF script. Why? Because they can no longer deny the reality: the economy is more stable than at any recent time; public finances are more efficient; investor confidence is returning; and we are ready for the next step. Keep your credit; we do not need it. We give the credit to the working people who strengthened the external sector through worker remittances. That is why, in the 2026 Budget, we have introduced a concessional housing loan scheme for migrant workers and set aside funds to establish a contributory pension scheme.

¶ 03 Our export sector’s growth owes much to plantation workers who laboured for years without adequate benefits. We allocated funds in this Budget to raise their wages. An Hon. Member of the Opposition made an extreme communal insinuation—suggesting the Eastern Province was ignored—then criticized the Rs. 200 support to plantation workers. This is divisive rhetoric. The people of the East have rejected such communalism. Do not try to revive it.

¶ 04 On the IMF: they mock us as a left movement working with the IMF. They misunderstand. We have criticized IMF-linked policies when they resulted, through local governments’ choices, in unfair burdens and cuts on working people. But the IMF is a multilateral institution supported by almost all countries, including us; we have a quota and a right to seek support when in crisis. Our concern is always about the terms we accept. Today, most economists accept that despite program conditions, we have managed 2025 and now 2026 Budgets efficiently, without cutting citizens’ rights or essential welfare.

¶ 05 Contrast this with 2015. The good governance government went to the IMF and, to “strengthen public finances,” pushed privatizations and raised VAT from 11 to 15 percent, cutting fuel and electricity subsidies. Back then, our debt-to-GDP ratio was about 78 percent with a target to reduce it to 70 percent by 2019. But by 2019, it was 83 percent—thanks to those very “experts.” Now they lecture us on how to go to the IMF.

¶ 06 As new MPs we expected a substantive debate. Instead, we saw baseless mudslinging. Despite all constraints, our 2025 Budget aimed to stabilize the economy; the 2026 Budget lays the foundation for long-term growth. While many forecast 3.5 percent growth in 2025, we have taken it to around 5 percent. We will reach our 2026 targets as well. We will meet again at end-2026 and see who was right.