The Hon. (Dr.) Najith Indika

¶ 01 An uncertain economy prevailed. Even in the past two years, what we saw were patchwork fixes, not a definite roadmap or a credible programme. Instead, the political authority handled things in the usual way. However, with the appointment of the current President-led government, we have been rebuilding confidence in politics, the economy, and stability across every sector.

¶ 02 As a result, when we look at the statistics released recently for the first quarter of this year, we see that targets have been exceeded and growth has been achieved in every sector. For example, compared with last year, first-quarter economic growth this year is 4.8 percent, with 9.7 percent growth in industry and 2.8 percent in services. We have increased the primary balance surplus by Rs. 167 billion. Tourist arrivals have risen by 14.8 percent, and remittances by Sri Lankans working abroad have increased by 18.2 percent. These figures may look small compared with other countries, but given our recent instability, they are strong indicators of the direction we are heading, how growth is occurring, and how confidence and stability in the economy are rebuilding. This did not happen by accident—that is what matters.

¶ 03 Throughout today, after listening to the Opposition’s speeches, I must say: none of this is accidental. The first-quarter growth, higher remittances, and increased tourist arrivals are not coincidences. They require stability across economic, political, and security spheres. This government has created that stability, and within that environment these outcomes are occurring. The past 8–9 months have been a good start—a positive signal. Businesspeople and investors alike can see that the economy is moving forward. There was instability before, but now there is a clear signal that we are stabilizing and moving ahead. We consider that a major achievement.

¶ 04 Do not forget where our government started this journey. We took office in a very difficult situation—while within an IMF programme, with limited autonomy in economic decision-making for several years. We had to make decisions on the economy while bound by that programme.

¶ 05 For the past two to three years, after bankruptcy, the people bore a huge burden. Poverty, which had been around 14 percent, rose to about 25–26 percent. Children dropped out of school. Many could not afford their usual meals. Poverty deepened and standards of living fell. We inherited a country where people had fallen in every respect. While restoring macro indicators and stability, we also had the challenge of advancing people’s lives, even by a small step. We had to do both. In the past, under the Ranil Wickremesinghe administration, some macro targets were achieved—but how? By raising tax upon tax, increasing VAT, pushing up prices, and placing the burden on ordinary people. We too are now moving the indicators forward, but we are doing so while improving social protection, other essential areas, and the standard of living of ordinary people, even by an inch. We are not placing the entire burden on the people. We took over a bankrupt country that had fallen into a pit under the IMF programme. The data now show we are climbing out—slowly but steadily. So after the past nine months, we can look at the economy with optimism.

¶ 06 In that context, the Opposition has come with criticism and noise. Listening to them, you’d think we’ve done nothing and everything could be done easily. They offer a thousand ideas and proposals. Hearing them, one might think these same gentlemen had not governed before. They now claim remarkable insight and advice. If they had used that capacity when they were in power, we would not have fallen into this pit.

¶ 07 The falsehood here is to say we are doing nothing and to prescribe ad hoc fixes. The government is following an orderly plan under the President’s policy framework. You cannot just jump in with sporadic suggestions and expect instant action. Because we are proceeding with a long-term, rules-based approach, we are showing these results. Therefore, do not continuously paint a negative picture about the government’s process, either domestically or internationally. This is not the case.

¶ 08 I also heard Opposition members, including Namal Rajapaksa, say they have no clarity about what lies ahead. If you run a government with fathers, uncles, aunts, and their children all together, could you foresee the future even by a fraction? They saw nothing until 2022 when they hit the wall—and even then they could do nothing. The people are still paying for that. They could not see the future. The people handed us the mandate because they believed we can see the road ahead. We are now fulfilling that responsibility. Do not criticize our method simply because it does not suit your preferences. He also said investors will not come because “people are being jailed.” Who are we talking about? Not ordinary people, but certain former politicians facing charges, with some cases already decided and others pending. Many in his own family face cases and allegations. That is the Attorney-General’s work. If those involved in financial crimes are imprisoned, he claims investors will not come. That is not so. What is the reality?

¶ 09 Hon. Presiding Member, I have here an article from a national newspaper, which I tabled earlier. It was an interview in January this year with the outgoing Japanese Ambassador, who had served in Sri Lanka for three years. The headline: “There are cases where SL politicians seek benefits for their interests – outgoing Japanese ambassador.” He detailed how politicians sought bribes and commissions, and how that made it difficult for Japanese companies. Yet within a month of our President taking office, Japan agreed to restart 13 JICA projects, and two have already commenced. So to say that investors will not come because we jail thieves is wrong. If we do not correct the corrupt political system, what happens? Corruption has been a major obstacle to Sri Lanka.

¶ 10 Grant me a further nine minutes.

¶ 11 Because of the entrenched corrupt political system, the economy stagnated. Reviving the economy is inseparable from building a disciplined, corruption-free system. That is what we are doing, which is why these outcomes are occurring. Some claim we said we would expel the IMF upon arrival. That is false. Within a bankrupt context, could we “expel” the IMF? We said we would negotiate properly, stand for our people, and engage the IMF accordingly. I do not understand why false narratives are spread.

¶ 12 Hon. Presiding Member, the economy is moving forward. The people gave us the mandate to lift the country out of crisis and move ahead. Within this fiscal framework, we have a stable plan. We are rebuilding the nation. Therefore, do not heckle—watch and see. All you can do is watch—whether from home or elsewhere, we too will see. We will rebuild this economy and show results.

¶ 13 Thank you very much.