Sri Lanka

All Govt. borrowings used to re-pay debt

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Since 2016, all government borrowings have been used to settling debt.

Not for any other expenditure,& Finance Minister Mangala Samaraweera has disclosed.In a media release yesterday, Minister Samaraweera pointed out that when former President Mahinda Rajapaksa assumed office in 2005, government debt per citizen was Rs.113,131, but when he left it was Rs.

355,708.&The real picture is even worse.

Until 2007, virtually all of Sri Lanka foreign debt was on concessional terms.

But from 2007 onwards, Sri Lanka started to commit the ‘original sin& of borrowing in foreign currency loans on expensive commercial terms,& he added.




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Category: Srilanka


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