The main opposition in Sri Lanka has warned of the increasing debt faced by the island as a result of the government’s “irresponsible” borrowing.
United National Party’s economic affairs spokesman Dr Harsha de Silva, MP, said the country is to pay Sri Lanka Rupees (SLR) 314,000 million only as interest payment during the next financial year.
“The biggest expenditure for the next year is not the budget allocated for the defence ministry which is SLR 226,000 million,” he told journalists in Colombo.
“It is the huge debt that is to be paid back during the next financial year which is SLR 914,000 million together with the interest,” Dr de Silva, who is also an economist, said.
Paying back such a huge debt would be a serious burden to Sri Lanka, he said, for a country which allocates only SLR 30,000 million for education.
President Mahinda Rajapaksa, in his capacity as the finance minister, is to present budget proposals to the parliament on 22 November.
bbc
