The Hon. Ravi Karunanayake

¶ 01 Thank you for the opportunity, Hon. Presiding Member. I trust that the time taken to change the Chair will not affect my speaking time.

¶ 02 On this debate to extend emergency regulations, I must say these were imposed due to the situation created by the “Ditwah” cyclone. We explained then why it was needed. Time has passed. However, I consider this should be the last extension, because when the Government was reluctant, we said it had to be done.

¶ 03 Yet, compensation to small and medium businesses affected by Ditwah has still not been paid. While Rs. 50,000 was said to be provided per damaged house and grants of Rs. 500,000, Rs. 5,000,000 and Rs. 10,000,000 were spoken of, they have not materialized. We see people in Nuwara Eliya still in tents.

¶ 04 I quote from Lankadeepa of 2026.02.06: “A large number hit by Ditwah still unpaid.” Also Arunā of 2026.02.05: “Allowance to 8,659 students affected by Colombo Ditwah not paid to 11,964.” I believe today is the Hon. Prime Minister’s birthday. I wish her well and urge that these innocent children receive the promised funds as soon as possible.

¶ 05 The Daily Mirror reports: “Cyclone Ditwah forces families to sell cattle, jewellery and vehicles to survive, UNDP survey finds.” This is not the Opposition speaking; it is a UNDP survey you all follow. They reveal the reality of Sri Lanka better than some here. Another report: “Colombo ranked as world’s most unaffordable city for homebuyers in 2026.” That was the status even before missiles were fired at Iran; therefore it has likely worsened by 10–15 percent now, with the rupee already depreciated around 15 percent.

¶ 06 Alongside Ditwah, we must strengthen the economy. If the economy is strong, we can withstand such shocks. I do not see us leveraging advantages for Sri Lanka. The best way to strengthen the economy now: Ditwah caused capital destruction beyond restitution – an estimated USD 4.1 billion, per the World Bank and UNDP. I personally believe it is higher. That loss gives us no benefit; therefore we must rebuild productive capital properly. What Sri Lanka needs is dollars. We must earn them not by debt, but by grants or Foreign Direct Investment.

¶ 07 To do that, first strengthen the rupee. Although the Central Bank is now independent, our national independence is still not assured; in April 2022, on the 12th, the Central Bank announced a de facto standstill – a kind of default – without parliamentary approval. If such can be declared without Parliament, why have a Parliament? Independence requires responsibility. We must strengthen the rupee, or as an import-dependent country of about 65 percent, we will face cost-push inflation.

¶ 08 Tourism revenues are lagging. The Daily Mirror notes around USD 15 million shortfall over a period. Though the Government’s target is USD 5.5 billion from tourism, why has it not been realized? We must help reach that target.

¶ 09 Tea exports are also hit; with present constraints on exporting to Iran, producers are advised not to pluck in some estates. We must act so these do not further weaken the rupee. We must safeguard and maximize our foreign income channels and bring in as many dollars as possible.

¶ 10 Energy security is absolutely essential because that is the way we can move to the next level. Every crisis has an opportunity. The Middle East may be in flames, not by our doing, but when fuel prices rise, we are affected. This is our opportunity, and we must seize it. We must market ourselves to attract foreign investment.

¶ 11 Last year, you said we were to get USD 891 million, but I do not see that amount physically in the country. I emphasize the Government must take this opportunity. Hon. Prime Minister, ensure that you all fly to the Middle East and bring investments. It is not only Iran under a bomb; Saudi Arabia, Qatar, Kuwait, Jordan, Lebanon, Cyprus – all are engulfed in a protracted-war situation, and there is likely capital outflow. Seize this moment to draw those investments to Sri Lanka. Look at Port City, design the financial frameworks to bring investments into Sri Lanka, and leverage sea and air concepts. Sri Lanka is well located to outcompete ports like Fujairah or Salalah. We need a selling tool, but we are trapped in bureaucracy that makes us a poor selling point.

¶ 12 Therefore, let me remind the Government: seize this opportunity. Get both financial and physical investments. The IMF expects us to service USD 6 billion in 2028 under your agreements. Tell the IMF this is an opportunity; we want incentive qualifications to attract investment. The IMF Managing Director, Ms. Kristalina Georgieva, was here last week. Tell them, “There is a problem in the Middle East; please ensure we get incentives to attract investments.” Since time is short, I call on the Hon. Prime Minister to get the IMF to give that benefit. This Agreement is only till end of this year; by March 2027, repayments begin and Sri Lanka’s opportunity window narrows. Give incentives now to draw investments. By the time construction comes, you need not ask the IMF – you can proceed.

¶ 13 Make Port City absolutely competitive. Give necessary and meaningful support to the BOI to take investments forward and elevate the country so that our 2028 debt servicing is not impossible.

¶ 14 Thank you.