Sri Lanka's finance minister has defended the pace of the country's economic recovery, as a bruising vote of no confidence in the government looms.
In an exclusive interview with CNBC, Ravi Karunanayake, Minister of Finance of Sri Lanka, insisted that the no-confidence motion filed against Prime Minister Ranil Wickremesinghe would fail.
However, the political uncertainty has taken a toll on Sri Lanka's stock index. On Tuesday, the main stock index extended losses to finish at 7,067 points - its lowest closing level since April 16. It has slumped more than 3 percent year-to-date.
Spearheaded by the country's opposition camp over the weekend, the no-confidence vote has garnered the support of nearly half of the 225 members in the house, but the 52-year-old minister remains optimistic.
"[The motion] will not go through. This is something done by former president Mahinda Rajapaksa who lost his political control and is getting a handful of extremists in [the] parliament to make life difficult for the new president and [disrupt] this economic recovery that has been so smooth and accepted by the people," Karunanayake told CNBC Asia's "Squawk Box" on Tuesday.