A wake-up call from the AG! – National debt “cannot be calculated”

A wake-up call from the AG! – National debt “cannot be calculated”

By Lahiru Fernando

Feb 07, 2018 | 11:26 pm

Rs. 10,000,000,000,000

If you are wondering what the above number (Rs. 10 Trillion) is, that is the sheer magnitude of Sri Lanka’s debt.

It is clear to the public that only a handful of officers are committed to their duties. However, they are not allowed to perform the way they should.

These officers come across many and various forms of obstructions.

According to the Auditor General Gamini Wijesinghe himself, it is impossible to give the exact figure of Sri Lanka’s National Debt.

“The recorded figures are wrong because the actual figure is far greater”

Sri Lanka will have to take more loans to pay off the existing loans.

It would not be an issue if these loans are going to be Government to Government loans at concessionary rates.

BUT…,

Whats happening is that Sri Lanka is taking ‘commercial loans’ at high interest rates to pay off existing loans.

There are statements being made that loans are coming in as investments.

Loans are not investments. There is a clear difference.

For an example, let’s take the Hambantota Airport.

This was disguised as an investment.The revenue for a year? – around Rs. 16,000.

Auditor General says there is a clear issue in Public Debt Management.

According to records, Individual Debt is Rs. 417,000.

This means every child and adult in this country is indebt of Rs. 417,000.