UTV | COLOMBO – The Opposition charges that the present government has increased the country’s foreign debt by Rs.1,000 billion within a short span of four months.
Speaking at a media briefing today Former Parliamentarian Dr. Harsha De Silva said the country’s reserves should be protected.
De Silva pointed out that the present government has increased the country’s debt by Rs.1,000 billion from the 1st of January to the end of April.
Despite the government criticising the good governance government for increasing the debt burden by Rs.5,000 billion in 60 months, he noted the incumbent administration has increased 1/5th of that amount in four months.
The Former Parliamentarian questioned as to when the borrowing will end, adding the government is now facing issues in securing loans at present.
Dr. Harsha De Silva claimed the government was trying to obtain a 1,000-billion-dollar loan by keeping US dollar bills of the local Treasuries, as a security.
He stressed that Sri Lanka only had 6.5 billion USD in reserves adding that the Central Bank of Sri Lanka has to pay loan instalments of 4 billion dollars in the coming months of that sum.
The Former MP noted that local export and remittance dollar revenue, together with tourism revenue has decreased drastically.
In such a situation, Dr. Harsha De Silva urged the government to think more clearly about holding on to local reserves as loan securities.