The Hon. Sunil Kumara Gamage - Minister of Youth Affairs and Sports

¶ 01 Hon. Deputy Chairperson of Committees, as we debate the economy, the President today made an important and relatable statement on the country’s economic stabilization. The Opposition—who seem to believe only in destruction—appears unsettled. They tried to disrupt with rapid speeches and points of order. We all know the President spoke with solid data. He clearly outlined how the economy was stabilized and where we now stand. If they claim it is false, we are ready to debate anywhere with data—inside or outside.

¶ 02 Why did our poor country become poor? As economist Ragnar Nurkse said, “A country is poor because it is poor.” Low income leads to low savings, which leads to low investment, which reduces productivity, and thus income remains low. That has been our fundamental problem. The solution is to increase investment. Our President and Government focused on building pathways to increase investment. The President stated this morning, with proper data, that in the first six months of this year, FDI has increased by 101 percent compared to last year. These are facts, not empty words. Through higher investment, we intend to drive the country forward. That is why, when the President visits other countries, he secures investment plans and agreements rather than begging for aid.

¶ 03 We have already increased our inflows. As the President elaborated, though perhaps not understood by the Opposition, in these six months we have increased foreign exchange earnings by over USD 1,100 million. Tourism revenue is up, exports are up, and remittances are up. Yet they continue to deny facts. Regardless, we have rebuilt the economy. Relative to where we were, we have achieved substantial growth over the past six to eight months—substantial relative to our starting point.

¶ 04 While increasing foreign investment, we have also increased domestic investment. Government expenditures—ministries, ministers, and the President—have been curtailed. The tax revenue collected from the people is not being wasted but invested in the state for public welfare and capital expenditure. We do levy taxes, but we do not squander or steal them. We use them for investment and future development.

¶ 05 In terms of investment, we have climbed to a higher level. Economic growth and development are being realized. The Opposition, wishing for collapse, now has nothing else to do but shout and make false accusations. We are confident we are developing the country and rebuilding the economy, as we promised the people—to restore development and take Sri Lanka toward progress. We have demonstrated this with data and real economic outcomes. We can be satisfied with our governance, and the people can be satisfied as well.

¶ 06 Thank you.