The Hon. (Dr.) Harsha de Silva

¶ 01 Then, altogether 12 minutes.

¶ 02 Let me skip some numbers. This Budget is not entirely without merit. For example, cutting wasteful expenditure, reducing perks — good. Funding CIABOC to fight corruption — we applaud. Digitalization agenda — good, but do not turn Digital Public Infrastructure into just a plastic card; Aadhaar has no plastic card — beware fraud.

¶ 03 On targeted welfare, the Opposition Leader has repeatedly said beneficiaries were poorly selected; now they claim to fix it and enhance benefits — that is good.

¶ 04 On domestic debt restructuring (DDR), the EPF members were unfairly hit. We urged changes and offered support. The President said nothing about correcting EPF unfairness yesterday. We expect them to address it. Chief Government Whip, could we bring an Adjournment Motion or a Private Members’ Motion to fix this within the Budget — if MLB gets relief for foreigners, our hardworking people should also get it.

¶ 05 On technical analysis, Verité Research’s “Public Finance Lounge” invited the Government and us; they show on the debt sustainability curve that if Government needs minimum 15 percent revenue and yields are 8.5-11.5 percent, we need at least 5 percent real growth every year for 30 years; otherwise, from 2028, debt service becomes untenable. The President said there is no issue servicing 2028 debt — Verité’s analysis suggests otherwise. You cannot wing this with rhetoric.

¶ 06 The President admitted we must work within the IMF framework — that is the crux. Even if we raise taxes, primary spending is capped around 13 percent of GDP net of interest. Interest consumes 60 percent of revenue — the highest globally. So growth is essential. The Economic Transformation Bill was the model to drive exports; but the JVP went to the Supreme Court and opposed it saying prioritizing an export-led economy or giving foreign investors national treatment violates the Constitution. Now the President says he will amend and bring it again. Again: which scripture are we following?

¶ 07 We need investment. We have macro stability — exchange rate, interest, prices — achieved before this Government. Now we need growth. How? With a 13 percent primary spending cap, SOEs must be reformed to crowd in private investment. Yet we are pouring billions into SriLankan Airlines — another Rs. 20 billion to pay debt — while saying “not a cent” for capex. Air India under TATA ordered 470 Airbus; IndiGo 550. How will we expand fleet without investment? You must think outside the box.

¶ 08 On Adani, people made noise. Now no one says power must be at 8 US cents; even 4.6 vs. 4.8 cents comparisons miss the point — the question is the process, not price. It was a rejected tender; did we follow proper procedure? Comparing Adani’s price to another is like comparing rambutan to banana. Moreover, now you propose to amend the Sri Lanka Electricity Act to require 100 percent Government ownership of every generation plant and to prohibit new private transmission lines, or require 50 percent Government equity in projects — complicating investments. Earlier frameworks allowed private transmission lines under conditions. You must be clear. Policy must come from conviction, not a stitched essay from ChatGPT or DeepSeek.

¶ 09 Do not later scold us as “evil” for saying these things. Listen. I saw Tilvin Silva and the (today absent) Power Minister visited the Indian High Commissioner two days running. Engage transparently.

¶ 10 We need export markets and growth. In a democratic framework, we say: if you speak of something, you must truly believe it. You cannot be half socialist, half capitalist. Or say it clearly: “We are building a social market economy; we will implement the SJB Blueprint.” Say it.

¶ 11 Hon. Minister, the difference in pay was Rs. 300, right?