The Hon. Sajith Premadasa - Leader of the Opposition

¶ 01 Hon. Deputy Speaker, before raising my Question under Standing Order 27(2), I thank the Government. Yesterday, I raised the need to suspend the Parate Law to assist our micro, small and medium industries. Today, the Government has announced a limited suspension of the Parate Law for certain financial categories. I thank the Government for that step. However, beyond suspension, we must restructure NPLs and CRIB-listed borrowers’ debts to enable them to move forward, and immediately provide working capital to revive over 260,000 collapsed enterprises during the suspension period.

¶ 02 QUESTION BY PRIVATE NOTICE

¶ 03 INITIATIVE OF GOVERNMENT TO RESOLVE US TARIFF ISSUE

¶ 04 Hon. Deputy Speaker, I raise this under SO 27(2) to promote a systematic response to a serious crisis.

¶ 05 On 01 February, the US President announced tariffs on Canada, Mexico and China. I questioned in this House on 19.02.2025 about the impact and the global retaliatory tariff environment this could trigger. The Government, however, remained inactive until the US imposed a 44 per cent retaliatory tariff on Sri Lankan exports. I now pose the following and expect specific, clear answers:

¶ 06 1. Is there a Sri Lanka Caucus in the US Senate? 2. If so, how many Senators are members, who are they, and which States do they represent? 3. Is there a Sri Lanka Caucus in the US House of Representatives? 4. If so, the number, names and districts of House members? 5. Have these caucuses been engaged to resolve the 44 per cent retaliatory tariff on our exports? 6. As stated in Parliament on 15.03.2025, a delegation was appointed. What progress has that delegation achieved on resolving the 44 per cent tariff? 7. Has the delegation visited the US? With which institutions, individuals and groups did they meet, and what progress was made? 8. What is the Government’s action plan to resolve this tariff issue, and will it be presented to Parliament? 9. What practical short-, medium- and long-term steps are being taken to diversify export markets? 10. How will the Government promote FDI inflows? 11. If retaliatory tariffs harm our exports and growth, will the Government renegotiate the 2028 external debt repayments, including ISBs, with the IMF and creditors?

¶ 07 I also raise that, at our meeting with the IMF’s new Representative, we highlighted that Sri Lanka could face severe difficulty with 2028 debt service, given the need to maintain 5 per cent growth and higher revenue ratios. Will the Government, even now, discuss with the IMF to adjust the 2028 repayment profile? Initially, the IMF indicated 2033 would suffice. Have you secured a solution? Thank you.