Hon. S.M. Marikkar

¶ 01 Hon. Deputy Speaker, this Government earlier said total unsustainable debt was USD 41 billion, calling it the worst. After taking office, by 31 March, total public debt is near USD 106 billion—USD 102,671 million sovereign and USD 4,831 million from SOEs. If “repaying debt is not a problem,” why has debt risen so much? We do not see large development projects or profitable SOEs to justify this.

¶ 02 What is the policy on loss-making SOEs? Over the past three decades, SOEs have taken USD 4,831 million in debt: RDA USD 1,025m; Water Board USD 800m; SriLankan Airlines USD 502m; CEB USD 409m; Airport and Aviation USD 221m; CPC USD 30m, etc. Are you going to keep them loss-making, privatize, or do PPPs to reduce losses?

¶ 03 The President says 60,000 more public servants will be recruited. Some institutions need staff, but in many divisional secretariats there are multiple officers overlapping. We need accurate workload reporting and redeployment before expanding the wage bill.

¶ 04 Loss-making SOE debt equals about Rs. 8 trillion—close to our total external debt up to the 2022 default moment. This requires decisive action, otherwise debt service in 2027 will collide with a weak economy.

¶ 05 The UN High Commissioner for Human Rights’ report on Sri Lanka notes 60% of revenue going to interest, and the cut of the apparel tariff to 20% from 44%, with impacts on exports. Cutting from 44% to 20% may be welcome, but can we sustain revenues in a competitive market? What is the Government’s plan?

¶ 06 What FDI has actually come? Which projects commenced? How many jobs created? How much production and re-exports have grown? We only see presentations, not results.

¶ 07 On tourism: you send frequent SMS alerts touting arrivals. We saw this even under Basil Rajapaksa. But what is the per-tourist spend? In Singapore, a Night Safari for four costs around Rs. 60,000; what do we charge? Where are the brochures? Do taxi drivers know where to guide tourists? Increase arrivals, yes, but also increase spend.

¶ 08 On the Ports Authority: they boast about Rs. 40 million profit. With their asset base and workforce, is that adequate? Colombo and Trincomalee give profits, but Galle Port loses money—no plan even to break even. What about India’s grant to develop Kankesanthurai Port—what steps are being taken? The previous government got Cabinet approval. It’s been almost a year of this Presidency—what policy decision was taken?

¶ 09 Regardless of who governs, we must reduce SOE losses, increase profits where profitable, and create new revenue streams, or we cannot strengthen debt service capacity and avoid future bankruptcy. Stop media shows; bring real measures to grow the economy and revenues, and report them to this Parliament.

¶ 10 The President has traveled to many countries. After his trips, what agreements were signed, what funds secured, what projects, how many jobs, and how will the economy grow? We hear only that a “successful visit” began and ended—no substance.

¶ 11 Deputy Minister Prasanna Gunasekara said printing money does not raise inflation. Today, everyone understands inflation. Social media claims Rs. 1,200 billion was printed—true or false? The President said there is Rs. 1 trillion at the Treasury. Is that tax revenue or printed money? If printed, is it net new or sterilized against withdrawals?

¶ 12 The Economic Development Minister is here; please answer these public questions.

¶ 13 Thank you.