“Sri Lanka will go bankrupt if it fails to pay debts in September” – Patali
Minister Patali Champika Ranawaka says the country will face an economic crisis if it fails to honour international debt repayments due in September this year.
Addressing an event held in Colombo, Minister Ranawaka said Sri Lanka could face economic turmoil like Argentina and Greece, if it defaults on international debt.
The Minister noted the first six months of 2019 had been tough on the country’s treasury adding the Treasury had needed 1,150 billion rupees to maintain state service and to pay salaries while a further 350 billion had been used for other development activities.
Minister Ranawaka stressed 1,500 billion had been spent on those two areas alone while loan instalments and interest had come to about 1,100 billion.
The Minister said therefore the total expenditure had been 2,600 billion, while revenue had only been 900 billion rupees.
He further stressed the country could not continue on this trend adding failure to repay the loans due in September will result in the country going bankrupt.
Minister Ranawaka added Argentina and Greece faced similar situations in recent years.
Meanwhile he also emphasized the need to empower intelligence services with modern technology in order to combat threats faced by Sri Lanka due to religious fundamentalism.
The Minister claimed religious fundamentalism could not be contained through barricades, roadblocks and through special forces, like the country had succeeded in nullifying traditional terrorist groups.
He added the country needed to think anew as religious fundamentalism could not be defeated through weapons.
Minister Ranawaka therefore stressed on the need to use modern technology and provide smart technology to intelligence and defence personnel, adding the country cannot depend on traditional leaders who had shunned modern technology to tackle new terror threats.
(Source: News Radio)
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This want surprise me I thought. It would have been five years ago. How can a country starving in 1970/80 afford luxury cars and electrical goods. That JR is the biggest culprit followed by Mahida borrowing like there is no tomorrow. Now is the pay back time. Remember what happened to Greece. People din’t have the money to buy basic necessities. Luckily EU stepped and recover them Who will recover Sri Lanak. So send your children to foreign countries to do all kinds of menial jobs. You have to pay back some form or other.
does this mean that the government will be forced to shut down and economic activity brought to a standstill, what has that bum mangala samaraweera been doing
Sama,
You have hit the nail on the head.
The economy will be shut down specially if GR and his pal, Ajit Cabraal are returned.
We will be more like Zimbabwe (not like Argentina and Greece) where a teacher’s monthly salary was just enough to buy one loaf of Bread !!!!!
Sama you are spot on . What is the 4 times Arithmatic-F (at OL) finance minster doing? Economy has gone to dogs. MS. F.F: there is nothing to shut down (I mean Economy) already shut-down. Sri Lanka has come to a stage where we import Garbage/hazadous chemicals/human body parts in hundreds containers from UK to support the already dead economy. Our economy is kissing the dust. We are down…..the only possible way is to go-up. The last nail to the coffin was hit by the Easter terror attack (where thousands of tourists cancelled their bookings) Sure we will go up with a regime change.
polemic of economy and poverty will go on until it becomes a reality when politicians will be faced with the prospect of scavenging refuse dumps
Mr Amarakoon . You are right we are down kissing the dust. It does not matter who come to govern. So what is the solution. It is simple. We have to get rid of this crame the book and pass the exam stupid education system. How many time me to say this. We are promoting these brainless idiots to run this country. Only thing they know beat to do is rag and unlawful demonstration and to be beaten by the police. When British handed this country there was law and order and very good infrastructure. It is all ruined now. Thanks for these idiots
Don’t worry,
The efficient but autocratic Govt lead by the Sinhala Buddhist Leader, GR, will solve all the Sinhala Buddhist’s problems.
Brother Ranjith Thank you. But I do not agree with you on one thing. Yes, the time British Raj left our economy was good. But our present leaders came out of the system British Guys left. I mean our political and education system. Mainly our politicians are products of colonial schools such as St. Thomas, Royal, St. Bridget’s, etc. We produced ‘kalu Sudas’ from those institutes DS, JR, Sirima, Chandrika, Ranil, Sajith, Ravi, Arjun Mahendran, Malik, Mangala, Hakim, Sumanthram, Dudley…..they all came from these Kalu Suda Producing schools. Brother, Ranjith we need an overhaul of the bloody damn system. In their home they never even spoke Sinhala. Remember JR saying he learnt Sinhala from the Kitchen? They never knew about the common folks. It seems Mr. Pierre Sleiman too is allergic to Sinhala Buddhists! Tell me Mr. Pierre who governed Sri Lanka from 2015 Januaray? Sinhala Buddhists? Was it better?