Yatiyantota Garagoda Bridge development starts with Rs. 460 Mn investment

The renovation of the dilapidated Garagoda Bridge in Yatiyantota was started under the patronage of Transport, Highways and Mass Media Minister Dr. Bandula Gunawardhana. The 120-year-old Garagoda steel bridge across the Kelani River is being developed at the request of the Kegalle District Member of Parliament Rajika Wickramasinghe.

The new bridge will be 120 metres long and 3.8 metres wide and will be built with two lanes. Rs. 460 million has been estimated for the project and Rs. 150 million is to be spent for it by the Sabaragamuwa Provincial Council.

Speaking on the occasion, the Minister said: “In 2022, the tax revenue collected from the Sri Lankan population was Rs. 1,751 billion. The Government spent Rs. 1,265 billion to pay government employees’ salaries and pensions. It is 72 percent of the total tax revenue. For Samurdhi and other subsidies, Rs. 506 billion was spent. The entire tax income ends there.

“No matter who is appointed as president, prime minister, or cabinet minister, the first problem that needs to be solved is how to do the rest after paying monthly salaries, pensions, and subsidies.

“We have to ask the naive little boys of the opposition which sectors will be taxed more in order to increase the tax revenue to more than Rs. 1,751 billion. Can the salaries of the public employees be slashed? Can Samrudhi benefits be cut? In addition, more than Rs. 1,500 billion must be paid as interest for the state debt. All the interest payments and the capital expenditure were covered by borrowing. In 2022, the government’s expenditure was about Rs. 4,500 billion. The income is less than Rs. 2,000 billion. Therefore, regardless of whose government exists, they have to borrow more than Rs. 2,500 billion per year. No matter who runs the government, there is a budget deficit that the country cannot sustain. Loans have been taken locally and abroad to cover the deficit. When that was not enough, money was printed.

“We continued paying these loans, but at one point it was impossible to pay them and the country became bankrupt.

“Ranil Wickremesinghe is the only head of state in the history of Sri Lanka who foresaw such a crisis. For the first time after independence, during the reign of Chandrika Kumaratunga, the economy recorded a minus growth (-1.4). Dr. P.B. Jayasundara was the Secretary of the Ministry of Finance at that time. He has worked as the Secretary of the Ministry of Finance and a member of the Finance Board for 12 years. The government was changed and we came to power. Ranil Wickremesinghe was appointed as the Prime Minister. I worked in the Ministry of Finance. At that time, we passed a law to prevent the country falling into this abyss again.

“It was the Financial Management Responsibilities Act No. 3 of 2003 and it introduced three main principles. They were as follows: (1) By 2006, the budget deficit should be five percent of the Gross Domestic Product and after that, it should be maintained below five percent under any government. (2) By 2013, the country’s total outstanding foreign debt should be less than 60 percent as a percentage of the Gross Domestic Product. (3) Collateral for domestic and foreign government loans should be less than 4.5 percent of the Gross Domestic Product.

“In 2004, the government changed. We sat in the opposition. After that, this Bill was amended and in the end, Sri Lanka has become a bankrupt country that is unable to pay back the loans.

“Once again, what we tried to do in 2003 with the guidance of the International Monetary Fund (IMF) should be implemented correctly this time after 20 years until another 10 years.

“If anyone thinks that regime change is the solution, it is a very foolish thought.

Transport, Highways and Mass Media Minister Dr. Bandula Gunawardhana inaugurates the renovation of the Yatiyantota Garagoda Bridge development project.

“By December 2022, the amount of outstanding loans to foreign countries is US$ 36 billion. We expect to pay back 37 percent of it in the next five years. Even after another 20 years, no matter who comes to power, the country should be paying the debt. No one can run a government for a month outside of this system.

“If this truth is not explained to the people, we will be destroyed again within a week or two after burning and stealing property once again.

“The country is in a very critical situation. Currently, representatives of the IMF are visiting Sri Lanka and negotiations are ongoing. It is not possible to carry out any development work without making a specific arrangement for the payment of foreign debt.

“I believe that after the successful restructuring of debt by October, it will be possible to resume the stalled development activities.”

Sabaragamuwa Provincial Governor Navin Dissanayake, State Minister of Highways Siripala Gamlath, State Minister of Finance Ranjith Siambalapitiya, State Minister of Technology Kanaka Herath, Member of Parliament Rajika Wickramasinghe, Member of Parliament Sudath Manjula, Director General of Road Development Authority Weerakon and a large number of people including officials, regional political representatives and local residents participated in this event.

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