The Hon. Riyas Farook

¶ 01 Hon. Deputy Chairperson of Committees, thank you for the time to speak on the current economic situation.

¶ 02 People know the condition of the country before we assumed office. When a disaster occurred, or when, as now, a war created a fuel crisis, people saw how those then in power behaved and how the country fared. Before we assumed office, the country had gone bankrupt. When floods occurred, the then Government could not even pay compensation.

¶ 03 During the previous Government there was a fuel crisis. People stood in queues for days to obtain fuel. The Government had no dollars in reserve. One barrel of diesel exceeded USD 200. Private companies contribute 43% of our petrol and diesel imports. The Government negotiated prices, but those companies had to arrange their own dollars, pay demurrage to ships after 2–3 weeks, and with rising freight and insurance costs, they had to sell fuel at higher prices. Even then, they could not bring sufficient quantities to supply everyone.

¶ 04 After we took office in 2024, we acted carefully with proper management to move the country forward — then the “Ditva” cyclone struck. Some Opposition MPs in this Parliament said the country was devastated and this Government could neither face it nor grant relief; they shouted to call Mahinda, call Ranil, call Sajith. But our Government quietly continued the development work because we had introduced systems to manage the economy and finances. By 2025, our Government had saved several billion dollars and over a trillion rupees. Thus, without fear, we managed the situation and gave relief.

¶ 05 Specifically: Rs. 25,000 when floodwater entered homes; Rs. 50,000 when kitchen equipment was damaged; Rs. 25,000 for students’ books and supplies; Rs. 500,000 for partially damaged houses; Rs. 5 million for fully damaged houses; and Rs. 1 million to families of those who died in the disaster. While providing such relief, on 28th February a war situation erupted in the Middle East. Our President and Government immediately acted, carefully planned, procured petrol, diesel and gas, and arranged distribution.

¶ 06 You know fuel price increases occurred worldwide — 30%–50% in some countries. Before the war, a barrel of crude was USD 70–75; after, it went above USD 100; diesel similarly rose to the 90s. The Government is absorbing a loss of Rs. 100 per litre on diesel and Rs. 20 per litre on petrol to supply the people. In all these circumstances, our Government has continued to deliver relief. When such situations arise, the Opposition only thinks about grabbing power. They are always ready to topple the Government the next day.

¶ 07 Fuel on a relief basis is being provided to fisheries, agriculture and other sectors. Nearly Rs. 100 billion is being allocated from the Treasury; I believe around Rs. 20 billion per month just for petrol. The Government works according to plan and as per the 2026 Appropriation, implementing all planned work.

¶ 08 In Kandy District, the Katugastota-Ketambe flyover and the Mahaiyawa tunnel projects have commenced and are ongoing; nearly Rs. 600 million has been allocated for the Mahaiyawa tunnel. Despite the war situation, our Government is carefully managing the economy and continuing development. The Opposition imagines we govern as they did. If such issues had arisen under their rule, we all know how they would have “managed” it — with massive commissions changing hands. Today a ceasefire has been reached. If it holds, our Government will reduce fuel prices and provide relief to improve people’s lives. I conclude. Thank you.