The Hon. Nimal Palihena

¶ 01 Today’s debate addresses three main items: the Gaming Regulatory Authority Bill, the Order under section 22 of the Foreign Exchange Act, No. 12 of 2017, and the Regulations under the Public Debt Management Act, No. 33 of 2024.

¶ 02 Members on both sides discussed their merits, the gains to the country, and how these measures would contribute to development. Unfortunately, many in the Opposition avoided the core subjects and manufactured other narratives, reflecting their difficulty in accepting their electoral defeat. The last Opposition speaker also did so.

¶ 03 We are here, entrusted by the people, to deliberate purposefully and introduce suitable proposals at the right time to ensure that disasters of the past are not repeated and to uplift our people’s living standards. The three measures before us all move in one direction: establishing needed frameworks for development.

¶ 04 The Gaming Regulatory Authority Bill faces much criticism. Historically, gambling—including casinos and jackpot-type schemes—operated without regulation, creating social harm despite business gains. No one then spoke about the social costs; society sought entertainment regardless. That is why we opposed those excesses.

¶ 05 We have been in Government only ten months; that is not enough to solve every problem bequeathed to us. Across sectors there are long-created issues. We will address them systematically over time, improving facilities and securing people’s livelihoods.

¶ 06 Gambling is, in essence, a business. If so, it must be regulated and overseen by the State—registering operators, setting conditions, protecting those at risk, and ensuring an enabling environment for compliant businesses. Licences will be issued with conditions; failure to comply will lead to revocation. Transactions must be properly reported so revenue sources are identifiable. Broadening the tax base in this sector is legitimate and will create fiscal space for public relief.

¶ 07 Online gambling has entered our country with technology. Children can access it unless we act. Mandatory registration of platforms will allow identification as businesses and enable social safeguards.

¶ 08 Regarding the Foreign Exchange Order, we intend to encourage both listed and unlisted companies to invest abroad by raising outward investment limits—from USD 150,000 to USD 200,000 for unlisted companies and from USD 500,000 to USD 750,000 for listed companies. Our dollar inflows are largely from remittances and borrowings; we need Sri Lankan firms to earn abroad too. These reforms can help rebuild reserves and better manage the exchange rate, appreciating the rupee or reducing rupee outflows for dollars.

¶ 09 On public debt, the April 12, 2022 statement by the then Central Bank Governor declared Sri Lanka unable to service its debt—a default. Uncontrolled borrowing must not recur. The Regulations provide for prudent issuance of guarantees, approvals, and maturities, limiting and managing these to ensure debt serves the national interest.

¶ 10 By adopting the Foreign Exchange Order, the Gaming Regulatory Authority Bill, and the Public Debt Management Regulations, we can achieve our targets. Thank you.

¶ 11 Question put, and agreed to. Bill accordingly read a Second time.

¶ 12 Resolved: That the Bill be referred to a Committee of the whole Parliament. [The Hon. (Prof.) A.H.M.H. Abayarathna]

¶ 13 Considered in Committee.

¶ 14 [THE HON. DEPUTY SPEAKER in the Chair.]

¶ 15 Clauses 1 to 4 ordered to stand part of the Bill.