2026-03-03 / Debate: Foreign Exchange Act Order under Section 22 of the Foreign Exchange Act, No. 12 of 2017 2026-03-03
## Summary
Hon. Nanda Bandara spoke in support of a regulation under Section 22 of the Foreign Exchange Act, No. 12 of 2017, which raises the foreign investment cap for domestic enterprises from USD 200,000 to USD 500,000, framing it as an NPP Government measure to boost remittances and economic expansion. He defended the Government's disaster response in cyclone-affected areas, specifically citing his constituency of Aranayake in Kegalle, where he claimed approximately 90% of recovery work was completed within three months. He outlined several economic support measures, including an additional Rs. 25 billion allocation across all 25 districts, SME grants of Rs. 1.5–2 million through village development committees, interest-subsidised loans up to Rs. 250 million, and loans at 4% interest up to Rs. 5 million. Throughout his speech, he dismissed Opposition criticism as repetitive and lacking credibility, attributing fiscal gains—including over one trillion rupees in preserved domestic cash balances—to anti-corruption efforts and improved remittance flows under the current administration.
Hon. Presiding Member, today we debate a vital regulation made under section 22 of the Foreign Exchange Act, No. 12 of 2017. Its purpose is to provide facilities that are crucial for business needs — to enable domestic enterprises to expand globally. Under current strategy, those who earn foreign exchange had caps on investment; this regulation raises the cap from USD 200,000 to USD 500,000. The NPP Government is implementing this to boost remittances and expand the economy. Our decisions are taken with the people’s future in mind.
The present Opposition is the very group that held power before — now reduced to a weak force that only criticises our forward-looking measures, blind to the positives. They cannot credibly say the economy is failing, nor that democracy is collapsing into dictatorship. They cast about for an issue and then speak off-topic.
Since I entered Parliament about a year and a half ago, I have heard the Opposition Leader repeat the same speech. We remember the mess when they were in Government. A Member without a party said a recent cyclone hit three months ago and that people still await housing. I represent Aranayake in Kegalle — one of the worst-affected — and within three months we completed about 90% of the work, thanks to political leadership, dedicated officials and volunteers.
We are village folk; we face these disasters directly. We are paying compensation, restoring livelihoods and supporting businesses. The Government has also allocated an extra Rs. 25 billion across all 25 districts — Rs. 1 billion to Kegalle alone — to build a production economy. Through village development committees we provide grants of Rs. 1.5–2 million for self-employment and SMEs; interest-subsidised support via the financial system up to Rs. 250 million; and loans up to Rs. 5 million at 4% interest. Because we curbed corruption and boosted remittances, we preserved over a trillion rupees in domestic cash balances — the Opposition has no answer to that. We will continue to help people stand on their own feet.
Thank you.