Colombo, Nov. 9 -- Sri Lanka's imports have grown in excess of its export earnings, widening the balance of payments deficit,and therefore, President Anura Kumara Dissanayake's claim of stability in foreign exchange flows holds no water, Frontline Socialist Party (FLSP) Education Secretary Pubudu Jayagoda said.

Delivering remarks on the 2026 Budget at a recent public seminar, he said expenditure on imports had increased by 12.2 percent during the first nine months of this year compared with the corresponding period of last year, while export earnings had grown only by 7.3 percent, according to Finance Ministry statistics.

"The President ruled out a foreign exchange crisis in his speech. Yet, he is far removed from reality. It is the rea...