The Hon. Wasantha Samarasinghe

¶ 01 Think about it. If those folks sell their products when the dollar is at Rs. 200, they suffer heavy losses. When we prepared the real GDP forecast, we considered these realities. Therefore, it will not stop at 3.1 percent. But some try to mislead the country, even those who know better. That is what has happened throughout history, Hon. Deputy Speaker Bowles.

¶ 02 Back then, Hon. Harsha de Silva and others were in government. What they could not do while in government, they lecture us about today, while we are painstakingly lifting this country out of bankruptcy. When the National People’s Power took office, Sri Lanka was bankrupt. We are implementing a program to lift the country out of default and move the economy forward. Within that, we are allocating close to Rs. 1,400 billion in capital expenditure. That is to build village roads, small bridges, canals and bunds, hospitals, and schools. We are also restarting many projects that were abandoned midway. Some of those have not yet produced tangible results, so they must be reactivated and funded. We are doing those allocations. On the one hand, we are building infrastructure to enable growth; on the other, we are creating facilities for industries and investors, attracting investment back into those sectors.

¶ 03 Likewise, we must provide the necessary support to tourism—tax reliefs, and facilitation. We must also support manufacturing. Interest rates should be kept low. That is when investments rise. That is why, in this Budget, our government set aside an additional 3 percent interest for the savings of senior citizens, to compensate when general interest comes down. Why? Because there is liquidity for investment. When confidence returns, investment must also provide an adequate Return on Investment (ROI). If interest rates are lower, businesses will borrow and invest. But then banks may not be able to pay high rates to depositors. Therefore, specifically for senior citizens’ deposits, our government provides an extra 3 percent interest.

¶ 04 While we carry out multi-pronged efforts to uplift the country, Hon. Harsha de Silva asks how we will keep real GDP at exactly 3.1 percent. This is a forecast. It can be 4 percent, 4.5 percent, even 6 percent. It may not be 3.16; it could even be 3 percent. Our aim is to push up real GDP by a reasonable margin. Nominal GDP, meanwhile, we are taking from 7.1 percent toward 8.3 percent; we even expect 8.5 percent in 2026. You can also compute outcomes in market prices.

¶ 05 Once they realized the economy is stabilizing and growing, the self-styled economic “gurus” began fearmongering. But they cannot derail or turn back this National People’s Power government through lies. If people listened to their lies, they would not have voted for us. You saw the falsehoods thrown around in the mornings of this House over the past six months, Hon. Deputy Speaker Bowles. You could hardly control the proceedings. They kept boasting about experience and peddling lies.

¶ 06 Let me say this: In the recent local government elections, the people chose the National People’s Power across the whole country, including the North and East. The people believe we will build a country where they can live better.

¶ 07 So we are taking forward our program to build the country. It does not matter whether our votes came from the North, East, South, or West—we will work everywhere. After a long time, we have secured control in the Western Province, especially in the Colombo Municipal Council. These problems arise when some start spreading blatant lies and crocodile tears.

¶ 08 Today’s debate is to relax the quantitative restrictions on vehicle imports and allow up to 80 percent of prior limits. We expect vehicle imports of about one billion US dollars this year, as stated by the President in this House. Already, L/Cs have been opened for more than 400 million dollars. We expect revenue from this. There are seven months left this year. There are many waiting to import vehicles; they must be allowed to do so. You can no longer blame this government for high vehicle prices. Those who bankrupted the country and crashed the financial system must take responsibility.

¶ 09 They crashed the Central Bank, triggering an economic collapse and default. As we put the country back on track, we hear complaints about bicycle and three-wheeler prices. Yes, but we are liberalizing to the extent the economy can bear. Also, there are discussions to develop local vehicle assembly. When an imported motorcycle costs Rs. 600,000, our local manufacturers are preparing to produce a comparable motorbike for around Rs. 450,000. We are supporting them. As we move forward, competition will reduce prices and benefit consumers. As the economy runs well, the “gurus” realize they are running out of track; so they run on the path of lies. We tell them: do not run down that path of lies.

¶ 10 Do not do it. Ours is a fallen country; our government is rebuilding it. If there are good suggestions, we accept them. If something must be corrected, tell us; we will correct it. But do not run on crooked paths of falsehood. Come on the right path. If you have legitimate criticism of the government, we are ready to accept it. If you run down the path of lies, you will fall into pits you cannot climb out of. The National People’s Power, just as it won all three elections, will not allow this country to be turned back. We will continue our task to build a prosperous country where people live happily. I conclude with that assurance.

¶ 11 Thank you very much, Hon. Deputy Speaker.