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Current economic stability due to non-payment of external debt: Bandula

16 February 2024 11:20 am - 26     - {{hitsCtrl.values.hits}}

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The government has been able to ensure continuous supply of gas, fuel and other necessities right now as Sri Lanka had suspended repaying external debt, Minister Bandula Gunawardena said yesterday.

Speaking at a workshop for journalists in Colombo, he said Sri Lanka had defaulted USD 36 million external debt and that the government has been able to obtain moratorium on debt repayment after diplomatic negotiations.

Colombo, Feb. 16 (Daily Mirror)- The Minister said Sri Lanka had been able to come to an agreement with the creditors and prevented legal action being taken against Sri Lanka for non-payment of external loans while in some cases Sri Lanka had to face law suits.

He said Sri Lanka has to pay 37 percent of external debt within the next five to six years while 51 percent of loans are required to be paid between 6 and 21 years and the other 12 percent is to be paid after 20 years.

The Minister said even though Sri Lanka sparingly used the funds of the Extended Fund facility of the International Monetary Fund (IMF), Sri Lanka would have to face a USD 4 billion gap in foreign reserves in 2027.


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  Comments - 26

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  • Fact Friday, 16 February 2024 12:16 PM

    Will the Hon. Minister Tell us how it all happened. There exists a huge gap between the the haves and have nots.

    Obeserver Friday, 16 February 2024 12:18 PM

    This minister tells the naked truth. Congratulations. May be first time in his ministerial era. He might felt the wind is changing and looking for a protection at any side.

    Looters Friday, 16 February 2024 01:29 PM

    So why is the President and ministers and their friends roaming the world on government funds without settling the loans.

    sach Friday, 16 February 2024 07:02 PM

    He always did. he has written many books. Guess u've never read them.

    Gamane Bandula Friday, 16 February 2024 12:21 PM

    Then why this Prisdent and cabinet says that our government income has been increased, its crystal clear that government grab the money from the various tax and price increases.

    Mohideen Friday, 16 February 2024 03:05 PM

    Grab what ever way they can by taxing the people get the maximum out before the election and then give a foolish tax relief to the people and then come to power.

    Seeya Friday, 16 February 2024 12:22 PM

    So lets stop paying all the loans, country will be stable.

    Newton Friday, 16 February 2024 12:28 PM

    Weren't you a part of the robber baron govt that incurred the debts? Whom are you trying to fool?

    Lk Friday, 16 February 2024 12:29 PM

    Get all stollen doors abroad to pay off some of these debts .

    A Supporter of SLPP Friday, 16 February 2024 12:37 PM

    Thank you for admitting the real situation. Your leaders stole billions and this country can never pay up the debt.

    Nimal Friday, 16 February 2024 12:42 PM

    What a novel and nice way to get out of trouble. Is this what the pin president means by his economic recovery? All hell will break loose the day we have to meet our financial commitments head-on.

    Forever in Debt with current Politicians Friday, 16 February 2024 12:46 PM

    Keep up yours

    Citizens are aware but Not the Politicians Friday, 16 February 2024 12:52 PM

    Instiling it to your cabinet colleagues is paramount. They way majority are lavishing around in overseas trips, fleet of luxury vehicles, security guards etc. All your children

    Gabriella Friday, 16 February 2024 12:52 PM

    When this deferred crisis re-emerges, the JVP/NPP will be blamed.

    Aquarius Friday, 16 February 2024 01:13 PM

    What a load of crap! Stop projecting it as a good move. Debts have to be paid, no matter when or how. This is just a postponement of the inevitable. Ask any borrower, no "money lender" is going to be quiet and will find means of getting their money back.

    M fb Friday, 16 February 2024 01:59 PM

    Supplying Gas, Fuel , Electricity ect.. are part of the duty of the Government.

    joshua Friday, 16 February 2024 02:01 PM

    Then why the heck are you all buying g new planes for SLAF? Do we have a war in this country?

    dilip Friday, 16 February 2024 02:52 PM

    in a nutshell, no money for elections ?

    Ginnan Wankan Friday, 16 February 2024 03:52 PM

    Bandula, you or any of Hora Kalliya has no way of recovering stolen public funds? Now join with Wal Aliya and forgotten all ideas of Parippu Mama who destroyed the socialism in SL by joining UNP!! You and Gon Parippu son are ready to help this Pin Aliya!

    After election country going to face debt hell again in 2027 Friday, 16 February 2024 07:19 PM

    The Indian Credit loan is a secret deal with massive repayments ramping up. It was utter folly to rush to accept the Indian trojan horse loan. Now India bully our country.

    AJ Friday, 16 February 2024 08:03 PM

    This is contradictory to what president and other parliamentarians of ruling party saying, so truth is current calmness in economy is not due to growth of economy but due to nonpayment of loans borrowed ,for that RW won’t get votes

    Gawa Sampatha Friday, 16 February 2024 11:04 PM

    He is good at eating up the moda choon Sri Lankan public

    Ama Saturday, 17 February 2024 12:04 AM

    In the name of "DEVELOPMENT", MR resorted to borrowing heavily and Robbed those funds. Recover from MR.

    Terrence K Saturday, 17 February 2024 06:48 AM

    What nonsense are you talking of a current economic stability when at the expense of the external debt moratorium the country has only being given a breathing space. Remember all these debts will have to be repaid at sometime then the public will have a burden to their livelihoods. Always by getting a moratorium it is only postponement of repaying. Alternative methods could have been found by bringing the culprits of the bond scams, sugar scams etc. to justice. Your lamentation then will not be necessary as we would have had ample funds to weather the storm. Also the Rajapakses have been instrumental in swindling the public purse and introducing unpopular strategies in agriculture etc. As a ruling party politician were you dumb to voice your opinion against something that was wrong ie. agriculture etc when doyens were adamant that policy decisions be withdrawn!!!!

    Sambo Saturday, 17 February 2024 08:07 AM

    You are a part of that debt minister.

    Avinash Saturday, 17 February 2024 09:35 AM

    So do you have a better solution Mr. Economics teacher?


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