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

21 February 2020 04:41 am - 5 - {{hitsCtrl.values.hits}}

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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.

The MPs said UNP would have supported the government if it presented a people's friendly budget. They said the government had ample time to bring in a people's friendly budget. (Yohan Perera and Ajith Siriwardana)

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Comments - 5

Devinda Friday, 21 February 2020 08:29 AM

Only way to get out of the debt trap is hard working Sri Lanka....., and to stimulate local economy. During Minister Mangala's time SL rupee shed more than 12% of it's value. Outstanding central government debt, as a share of GDP, increased to 82.9% at end-2018 from 76.9% end-2017

MP Friday, 21 February 2020 09:08 AM

YOU HAVE PUT THE PEOPLE OF THE COUNTRY IN DEBT TRAP.

Devinda Uduwara Friday, 21 February 2020 10:20 PM

In 1948 our exchange rate against Us dollar was Rs.3.48;today it is Rs.181.80.All politicians should be responsible for this calamity. We curse on them.

Laksiri Saturday, 22 February 2020 02:06 PM

Ravi karynsnsyske must remove his cloths before he make such speech this criminal has any right to speech .

dickie bird Saturday, 22 February 2020 11:08 PM

Certainly. Would have had to pay Pensions for an additional Parliamentary croocks. A knock for a political tit.

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

Comments - 5

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