SJB MP Marikkar accuses Govt. of increasing Sri Lanka’s debt burden by 14% in six months

Monday, 4 September 2023 01:14 - - {{hitsCtrl.values.hits}}

SJB Deputy National Organiser S.M. Marikkar

Questions if Govt. policy to revive economy merely involves extracting funds from lower income and middle-classes while increasing borrowing
Says Govt. has failed to protect pensioners and other disadvantaged classes despite obtaining loans
Accuses Govt. of following same pattern of borrowing and not creating new income generating opportunities

Samagi Jana Balawegaya (SJB) Deputy National Organiser S.M. Marikkar yesterday accused the current Government of increasing the country’s debt burden by 14% in just a six-month period.

Quoting data from a website report on Sri Lanka’s debt situation dated 1 September, Marikkar noted that Sri Lanka’s total debt was $ 84 billion at the end of December 2022.

“In the first quarter of this year it has increased to $ 91.9 billion and by the end of second quarter it has further increased to $ 96.5 billion,” he said. “In other words in the first six months alone the Government has obtained loans amounting to $ 11.8 billion from development bonds and various other means,” he added.

The MP accused the Government of increasing the country’s debt burden by 14%. “This is how they have allegedly revived the economy,” he said.

The MP noted that through tariffs, prices and tax rate increases the Government revenue too has increased in recent times. “While they are victimising the lower income and middle classes to earn revenue, on the other hand they have taken loans amounting to $ 11.8 billion,” he pointed out.

He asked if the Government’s strategy for economic revival merely involves extracting funds primarily from the lower income and middle-class citizens while also increasing borrowing.

The MP pointed out the Government has failed to protect pensioners and other disadvantaged classes despite obtaining loans.

“They have not learnt a lesson. The same pattern is being repeated. They have no interest in creating new income generation schemes for the country. They are not sensitive to the plight of the people and their sufferings,” he alleged.