Repurpose development funds to import essentials: Patali

COLOMBO (News 1st); Samagi Jana Balawega MP Patali Champika Ranawaka addressing a media briefing in Colombo today said that the funds granted for development can be repurposed to import essential items instead.

Speaking at the media briefing, the MP stated that Sri Lanka has entered hard default, due to being unable to repay the country's debts after April 12th, and this includes USD 9 billion to Japan, USD 7 billion to China and USD 4 billion to India.

It will be difficult to obtain a new loan without repaying the loans we took, he stated.

Meanwhile, never-ending oil queues, gas queues and essential good queues, amidst the shortage of medicines continues to inconvenience the public as the country has become bankrupt, he stated.

At present, there is only one small opportunity to obtain a loan from the World Bank and the Asian Development Bank, the MP said.

However, he pointed out that there is residual wealth left over from the cessation of development activities, amounting to around USD 1,900 million.

These funds, which were donated for development can instead be utilized to purchase fuel and gas, in addition to medicines and food. Mentioning that this method is known as loan repurposing, the MP said that this year can be managed as such despite certain difficulties.