Rupee’s decline results in higher per capita debt: Government

29 November 2023 11:58 am Views - {{hitsCtrl.values.hits}} 5 Bookmark

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Colombo (Daily Mirror) - Responding to the reports indicating that the per capita debt had exceeded Rs 1.2 million, State Minister for Finance Ranjith Siyambalapitiya said the increase in debt burden resulting from the rupee's decline has had a significant bearing on the scenario.

Responding to questions from journalists, the minister stressed the significance of looking beyond mere numerical calculations to comprehend the full context of the situation.

Highlighting the numerical approach of dividing the total public debt by the population, the minister acknowledged its importance but urged for a more comprehensive explanation.

Drawing attention to the depreciation of the rupee by approximately 45% between 2020 and 2023, the minister explained how it drastically impacted the value of the debt. "The increase in debt burden resulting from the rupee's decline has had a significant bearing on the current scenario, accounting for roughly 90% of the issue at hand,” he added.

Comments - 5

Hard Truth Wednesday, 29 November 2023 12:22 PM

Aiyya/appachi balaaganeevi

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lali Wednesday, 29 November 2023 03:01 PM

What

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Dan Wednesday, 29 November 2023 01:57 PM

Are we to be blamed for the depreciation of LKR?

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ravin Wednesday, 29 November 2023 02:15 PM

It's nothing compare to what we are spending on maintaining retired who had brought this country to that stage. Let future generations to suffer we are well off at present. That's the norm.

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Sam Silva Wednesday, 29 November 2023 06:30 PM

We don't earn sufficient revenue from exports to off set our imports So we take more loans and print money for circulation.

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