The Hon. Sunil Rajapaksha

¶ 01 Hon. Presiding Member, today we speak on two important matters: using technology to make court processes efficient, and State debt management.

¶ 02 A significant number of our citizens are differently abled. I strongly believe that technological efficiency in court processes can advance fairness for the hearing-impaired and others with disabilities. I am pleased this Bill introduces mechanisms that can benefit all citizens.

¶ 03 Next, the State Debt Management law. By 2022, there were shortages of medicines, food, milk powder, and fuel, leading to a severe socio-economic crisis. People realized we need proper systems. Debt is central here. Some now fear to even speak of debt. Massive governments fell within a year due to debt. A nation once free of foreign debt at Independence is now trapped in over US$100 billion of obligations due to wrong economic choices and consumption-oriented borrowing, rather than building a productive economy.

¶ 04 Many countries borrow—like the USA and Japan—but they invest with management and do not go bankrupt. We, however, borrowed trillions of rupees and billions of dollars largely for consumption; even where “development” was cited, much went for non-productive assets. In the South, a convention hall and an airport were built at huge cost but with little return; an arriving aircraft becomes national news.

¶ 05 Through the Foreign Debt (Suspension) Bill and related measures, we expect transparency and discipline in borrowing and deployment, directing resources to a productive economy. Auditor General’s reports indicate over Rs. 20 trillion in debt funds not properly recorded or reported, showing a lack of management and accountability.

¶ 06 Borrowing is not a sin if deployed productively. With the 2024 State Debt Management Act No. 33, the State Debt Management Office has been established to manage State debt, guarantees, on-lending, operations, and, crucially, reporting to Parliament. Bringing all responsible agencies—Central Bank, Treasury, SOEs like SriLankan Airlines—into a coherent framework, with the Finance Ministry accountable, will enable disciplined debt management, transparency, and economic stability, and support our promise to build a productive economy.

¶ 07 Thank you for the opportunity.