The Hon. Thilina Samarakoon

¶ 01 Hon. Speaker, seconding the Adjournment Motion by Hon. Wijesiri Basnayake, I wish to add:

¶ 02 Since the new government formed in late 2024, macro indicators show recovery. In 2024, nominal GDP reached Rs. 29,898 billion, and is trending upward in 2025. Growth was 4.8% by June; we expect over 5% for 2025. Unemployment has declined from 4.5% to 3.8%. Inflation has been brought down to about 0.3% in July 2025 and kept near zero.

¶ 03 Financial stability is improving: gross domestic savings rose from 26% (2023) to 28% (2024). Policy corridor is maintained (Standing Deposit Facility 7.25%, Standing Lending Facility 8.25%), and market rates around 12–14%. Private sector credit growth is about 16%. The statutory reserve ratio stabilized around 2%. Equity market turnover has increased.

¶ 04 The external sector is strengthening: current account surplus has improved from 1.1% to 1.5% of GDP; exports in Jan–Jun 2025 rose from USD 6.1 bn to USD 6.5 bn; services receipts (shipping/aviation, tourism, IT) have increased; vehicle imports are gradually normalizing with improved external conditions; the rupee is managed around Rs. 300/USD, contrary to claims it would hit 400.

¶ 05 On US tariffs, rates have been reduced from 44% to 20%, a notable achievement within the South Asian context, which should support export momentum.

¶ 06 Fiscal stability is being restored through improved revenue from Inland Revenue, Customs and Excise; while addressing social sectors—education, health—along with wage and pension adjustments and priority infrastructure.

¶ 07 Those who doubt should examine the data: the economy is on a stable and improving path. Thank you.