Hon. Sajith Premadasa - Leader of the Opposition

¶ 01 Now, look: we must reach at least 5 percent economic growth. Why? Because according to the debt sustainability curve, and the programme for maintaining sustainable debt, by 2028 when Sri Lanka re-enters debt repayment, we must have completed that growth path. Interest rates must be targeted and implemented prudently. State revenue targets must be met. In truth, we pray not just for 5 percent, but to exceed it. That is our hope.

¶ 02 But what is the Government’s programme to expand GDP through that growth? How will the Government develop industry? How will it raise industry’s contribution to GDP? Through what measures will GDP be lifted? How will agriculture be developed? What is the concrete plan for that? How will agriculture’s contribution to GDP be raised? Through all this, how will the country’s GDP be promoted? There is no programme; no plan; no vision. How will the services sector’s contribution to GDP be increased to elevate GDP? What is the structured and clear plan to develop the services sector — the vision, the roadmap, the time-bound targets? Looking sector by sector, what we see is a Government that says “Yes, Ma’am” to anything the IMF wants, a Government that obtained an immense popular mandate only to blatantly violate it.

¶ 03 Export promotion — what is the plan? We all accept export promotion is essential. With export promotion, jobs are protected and promoted; job opportunities are created; new factories emerge. Supply chains and demand chains are formed, creating an economic multiplier effect. When a contribution strengthens the economy, the benefits to the country amplify in multiple ways — that is the economic multiplier. But where is the plan? Is there an export promotion programme? Or is the approach simply to act and perform as the IMF instructs?

¶ 04 We all accept that our country needs a higher investment ratio. To promote investment, we need a planned, structured programme. Does the Government have one? If so, what is it? How will we outperform and attract more investment than Vietnam, Indonesia, Malaysia, Singapore, and India? What is the programme, the plan, the vision? Clearly, this Government has none.

¶ 05 Today we have a Government handled as the IMF dictates. Why do I say so? In the name of working people and the labouring class, no group in our history protested, shouted, took to the streets, or blocked highways as much as those now in Government once did. Yet when the previous Government conducted domestic debt restructuring and picked the pockets of EPF and ETF — robbing the funds of working people — the then Opposition, now in Government, said they would reverse it. They said they would renegotiate with the IMF, discuss with bilateral lenders, international sovereign bondholders, and correct the injustice done to the working people of our motherland through debt restructuring. But to this day there is no answer; no plan. They cannot present a plan because it’s a Government dancing to the IMF’s tune.

¶ 06 We repeatedly raised that retirees and the elderly — I speak of ordinary people — who received a 15% interest income for years under successive governments, should be granted that rate again. What answer did we get? They said they would broaden the tax base by increasing Withholding Tax. They said rates vary and people must live with changing interest cycles. I agree that at the peak of crisis when the country was bankrupt, high rates were justifiable. But today we bring the voice, the demand, the hope, the anxiety of ordinary seniors and retirees. The Government seems deaf to their pain and tears.

¶ 07 We also spoke of an employment programme for graduates. Some 35,000 graduates await the fulfilment of promises. I ask: Is the lack of a solution for the 35,000 graduates due to IMF instructions to cut the public sector?

¶ 08 This Government, while in Opposition, condemned fuel subsidies as corrupt and distortionary, decried the gap between landed price and the retail price, said it burdened taxpayers and enabled corruption. Yet the fishing, farming, labouring and ordinary public who hoped for a fuel subsidy have still not received it. We propose a formula to grant fuel relief to the general public, excluding the richest. Implement such a scheme. Do not break the promises made to the 22 million people of this country.

¶ 09 Our MSMEs, which contribute over 50 percent to GDP — some argue 60 or even 70 percent — are in utter distress. The moratoria on loans introduced by the previous Government were extended by this one too; that was good. But both Governments failed to give relief on NPL classification, penal interest, and compound interest to MSMEs. Why are the promises given to the millions of small, micro and medium entrepreneurs now being broken?

¶ 10 Remember how, from stage to stage, you raised hopes about enabling ordinary people to own a vehicle — a small car for Rs. 1.2 million? You shouted that promise from every platform. Have you forgotten it now in the face of IMF directives?

¶ 11 You said you would prioritise renewable energy, not bow to the coal and diesel power mafia; that you would expand opportunities for solar developers. But today you undermine PPAs and reduce the tariff rates paid to small solar producers. That is a death blow to renewables. I appeal: Strengthen the renewable sector not just in words, but in concrete action.

¶ 12 Madam Presiding Member, this House discussed the new tax on Booking.com. I ask: did you conduct an impact assessment on the potential adverse effects on the tourism sector? Have you considered that barriers to Booking.com could deprive Sri Lanka of visitor flows and conveniences upon which our industry relies?

¶ 13 You have no clear, practical economic management vision. Had you at least implemented your “Prosperous Country - Beautiful Life” policy realistically, a Rs. 3,000 electricity bill would drop to Rs. 2,000; a Rs. 9,000 bill to Rs. 6,000 — a 33% cut. In reality, the average reduction is around 20%. That happened only due to pressure exerted by the civil public through PUCSL and the relentless fight of progressive representatives, which forced a reversal of the Ministry of Finance’s six‑month “no reduction” stance.

¶ 14 We must remember: from 2028, large debt obligations resume. Those who advised the last government on the IMF agreement and on bilateral and ISB deals now float views that “another pre‑emptive debt restructuring may be necessary.” The Government must pay attention and implement practical programmes to climb out of the abyss, not merely an IMF-scripted plan. We accept that we must work within the IMF framework, but we urge you to reopen talks with the IMF and with bilateral and multilateral creditors to remove unfair burdens placed on our people, and present a new programme that helps the public live and protects the country. We will support that.

¶ 15 Thank you.