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Government’s debts have ballooned by Rs. 1,000 bn in first four months of the year – Harsha

ECONOMYNEXT- Former MP Harsha de Silva is saying that the government’s debt had increased by Rs 1000 bn within the first four months of 2020.

Speaking to reporters this morning, July 7, the former Minister said that the latest weekly report by the Central Bank of Sri Lanka (CBSL) indicates that the total outstanding central government debt has increased from Rs 13,031.5 bn to Rs 14,024.7 bn during the first four months of 2020.

The Samagi Jana Balavegaya candidate said when in Opposition the Sri Lanka Podujanan Peramuna criticized the previous government for increasing the debt by Rs 5700 bn during its 5-year tenure.

But once in power, the same group has increased the country’s debt by nearly Rs 1000 bn during the four-month period.

“If they had increased the debt by so much by the first four months then how much would it increase in five years,” he asked.

Further, he said according to the report during the same period the government only had earned a total income of nearly Rs 480 bn while debt had been increased by Rs 1000 bn.

He added that when considering the last five years the debt had increased by only about Rs 100 bn per month but during these four months it’s increased before Rs 250 bn even before the country was properly affected by COVID-19.

The Weekly Economic Indicator report by CBSL shows that the total domestic debt of the government has increased from Rs. 6,629.1 bn to Rs 7,217.7 bn while total foreign debt from Rs 6,402.4 bn to Rs 6,807.1 bn during the period between 1 January-30 April 2020 which indicates nearly Rs 1000 bn in total government debts. (Colombo/July7/2020)

Reported by Imesh Ranasinghe

 

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