Leader of the United National Party, Ranil Wickremesinghe today called upon the government to refrain from allowing the upcoming debt servicing to impact the lifestyle of the people saying this year alone Sri Lanka must pay US $3 billion in debt.
In a statement issued today, he explained that in the past several years debt servicing has been ongoing, but it has been done without any restrictions imposed on the goods and services in the country.
“From now until 2023, Sri Lanka has debt servicing of up to US $10 billion. This year alone Sri Lanka must pay US $3 billion in debt, and on a single day in October the country has to pay US $1 billion,” the UNP leader said.
Wickremesinghe questioned the government as to where they will raise the necessary foreign exchange and whether or not they will be banning imports to finance these debts.
The UNP Leader noted that the price of goods was increasing, and the government was unable to provide the public with the financial relief promised and urged the government to present their plan of action for economic recovery.
He drew attention to the recent reports from international media organisation that several countries, including Argentina, have defaulted on their debt repayments and said that these reports have highlighted Sri Lanka as the only country outside of Latin America that is in danger of defaulting on their debt repayment.
“Fitch Ratings has already downgraded Sri Lanka . Moody and Morgan Stanley are also in danger of downgrading the country’s credit rating. According to The Economist magazine, Sri Lanka’s economy is considered the most stressed economy in South-Asia,” he said.
Wickremesinghe urged the government to address these urgent financial concerns in the country, and present to the public the plans they have for fiscal policy and for revenue policy and added urged the government to allow the true facts of the current situation come out, and allow the public to know what remedy the government will pursue.