The Hon. Sajith Premadasa - Leader of the Opposition

¶ 01 Mr. Speaker, under Standing Order 27(2) I raise the following question.

¶ 02 A key reason Sri Lankans experienced a bankrupt country status was weak debt management. When the present Government assumed office under an IMF program, the people expected a path to development. After a year, I seek clarity on future development goals and the economy’s preparedness.

¶ 03 1. What is the current total foreign reserves of Sri Lanka? Please indicate the component comprising swap lines. What are the month-on-month changes over the past year? I ask this especially because the Government has set a target of US$ 15 billion in reserves by 2028.

¶ 04 2. What is the current total public debt? Please break it into domestic and external debt, and indicate how much has been obtained after the present Government assumed office (domestic and external). For external debt, break down bilateral, multilateral, and commercial (including sovereign bonds).

¶ 05 3. How much has been paid this year as debt service and interest? Can you provide a quarterly breakdown and projections for the next five years? Especially as, post-IMF program, at least over 30% of State revenue — nearly two-thirds — will have to be allocated for debt service.

¶ 06 4. What is the Government’s assumed real GDP growth path over the next five years to sustain debt service? Specifically, for 2028’s debt service, what growth must be maintained in 2025, 2026 and 2027? How much of this year’s target has been achieved? What are the projections for the next five years?

¶ 07 5. What are the minimum annual export earnings and remittance inflows estimated as necessary to sustainably service debt? In other words, what export and remittance levels must be maintained quarterly up to 2028? What program has the Government formulated over the past year to reach these targets, and what milestones have been achieved?

¶ 08 6. What was the amount of foreign direct investment (FDI) received last year? What are the Government’s FDI expectations over the next five years, and in which sectors and to what magnitudes? I ask this because the Centre for Poverty Analysis notes 8 million poor in our country; attracting FDI is critical to alleviating poverty.

¶ 09 7. Has the Government conducted an impact assessment regarding abolishing or continuing SVAT? Exporters strongly requested continuation. From October 1, SVAT has been abolished, causing grave concern among exporters. What impact assessment supported this decision? Please provide the analytical basis, quantitative data and reports to be tabled.

¶ 10 These are timely and critical questions, especially with the Budget to be presented in about a month. We expect answers today. Thank you.