All previous governments have taken loans too – Minister Dr. Gunawardhana

Transport, Highways and Mass Media Minister Dr. Bandula Gunawardhana said in Parliament yesterday (23) that no matter which Government was in power, they did not have enough income to cover the day-to-day expenses and the total income was sufficient only for the payment of public employee salaries, pensions, and Samurdhi beneficiaries as well as the payment of public debt interest.

The Minister said all the Governments that existed in the past have continuously taken loans under various methods for the management of existing conditions at those times. So far an amount of USD 36 billion has been obtained as loans in this manner.

The Minister said that thirty-seven percent of the foreign loans obtained in this way will mature in the next five years and nearly 51 percent of the loans will mature between next six to 20 years.

He emphasized that Sri Lanka will have to pay a large amount of debt even by the year 2048 after one hundred years of independence and there is no possibility of defaulting on the debt.

The Minister further said that the people should be given an understanding of the real information regarding the existing situation otherwise the situation which occurred last year cannot be prevented anytime.

Minister Dr. Bandula Gunawardhana mentioned this yesterday while joining the debate on several monetary orders.

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