Debt ceiling increase could leave country into greater debt trap - Mangala

By Yohan Perera and Ajith Siriwardana   

The UNP yesterday defended their decision not to support the amendment to increase expenditure stipulated in the vote on account and to increase debt ceiling saying the country would have gone into a deep economic crisis if it was approved in Parliament.   

UNP MP Mangala Samaraweera told a press conference that country would have gone into a greater debt trap if debt ceiling was increased.   

“It was the same government that had called for moratorium from India saying it is not in a position to settle the pending loans. How can the government borrow more if it is not in a position to settle what is already borrowed,” he questioned.  MP Ravi Karunanayake said the previous government left enough funds for spending when it left office in November last year.   
“We feel suspicious as to why the government needed more funds,” he said.