SL’s income insufficient to repay debt : Hewage

SL’s income insufficient to repay debt : Hewage

SL’s income insufficient to repay debt : Hewage

Written by Staff Writer

12 Feb, 2021 | 9:13 pm

COLOMBO (News1st): Sri Lanka’s income is not sufficient to repay the debt and its interest, former Janatha Vimukthi Peramuna (JVP) councillor Nalin Hewage has said.

“Sri Lanka has foreign debt commitments amounting to USD 6.8 billion that must be settled this year. USD 1.5 Million is interest repayment,” Hewage said on Friday.

He pointed out that Sri Lanka’s credit ratings have been downgraded by three rating agencies, indicating a higher risk of defaulting debt repayments.

“Due to this risk, countries are reluctant to lend money to us,” Hewage noted. “Our tourism industry is suffering, and foreign investors will not invest in our country”.

He claimed that this situation has prompted the government to sell off national resources.

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