Sri Lanka debt repayment, interest Rs1.2 trn in 2016

ECONOMYNEXT – Sri Lanka’s government has to pay 1.21 trillion rupees on its loans this year, including 562 billion rupees in interest, Prime Minister Ranil Wickremasinghe told parliament Tuesday.

The government is aiming to reduce its debt burden and budget deficit by raising taxes, Wickremasinghe said.

The government’s total debt had risen to 9.5 trillion rupees with the new administration uncovering obligations that had been hidden by the former regime, he said.

Loans taken by state enterprises amounting to just over a trillion rupees had not been included in the government debt obligations estimated at 8.48 trillion rupees by end-2015 by the former Mahinda Rajapaksa regime, Wickremasinghe said.