The Hon. R. M. Gamini Rathnayake

¶ 01 Hon. Deputy Chairperson of Committees, in debating the Regulations under the Public Debt Management Act, the Regulations under the Foreign Exchange Act, and the Gambling Regulatory Authority Bill, several issues arise.

¶ 02 We have previously discussed the background to these measures. I wish to focus more on the Public Debt Management and Foreign Exchange items. In 2022, Sri Lanka became bankrupt—no country recognized us as creditworthy, and we could not borrow. At our request, the World Bank and the IMF intervened, conducting comprehensive reviews and oversight of our debt and its use. They concluded there were serious issues: misuse of debt, inadequate asset creation relative to borrowing, opaque borrowing and expenditure, decentralized and unaccountable practices, and unsuitable legal frameworks. The World Bank recommended establishing clear frameworks, leading to the 2024 Public Debt Management Act and related regulations endorsed by Parliament on 18 June 2024, effective from 25 November 2024.

¶ 03 Accordingly, a State Debt Management Office will be established to oversee all debt activities with a State Debt Management Committee, ensuring structured planning for current and future borrowing and repayment with Central Bank and Treasury guidance.

¶ 04 Where was our economy then, and where are we now? Within six months, we stabilized the economy, laid the foundation for a strong recovery, and boosted tourism: in the last six months, we attracted 1.5 million tourists, showing massive growth. Customs revenue in July hit a historic monthly high of Rs. 235 billion. In the first six months of 2025, the Ports Authority earned Rs. 24,418 million in profit, a 66% increase over 2024. We also secured US$ 5.07 billion in FDI commitments in the first six months. Economic and political stability has been established, and despite Opposition predictions, this government’s stability will not be overturned. With that, I conclude.