Country’s foreign debt jumps by Rs. 626 billion due to depreciation
Sri Lanka’s total foreign debt burden had increased by over Rs 626 billion due to the depreciation of the rupee against the US dollar between January 2015 and November 2017, Parliament was told yesterday.
State Minister of Finance Eran Wickramaratne revealed this in answer to a question posed by UPFA MP Udaya Gammanpila. According to the Minister, the depreciation of the rupee during that period had added Rs 626.439 billion to the foreign debt burden.
Minister Wickramaratne noted that during the period from January 9, 2015 to November 30, 2017, the rupee had depreciated by 14.6% against the US dollar. He however rejected MP Gammanpila’s contention that the rupee had depreciated to the extent of foreign investors losing their faith in Sri Lankan Treasury Bonds in the wake of the Central Bank bond scandals.
He said that the debt burden in rupees increased anyway when one obtained foreign loans and if the rupee depreciated against the US dollar.
The problem would not arise if loans were obtained in rupees instead of US Dollars, the State Minister said.
(Source: The Island – By Saman Indrajith)
Latest Headlines in Sri Lanka
- Sri Lanka welcomes 2 millionth tourist, marking historic milestone December 26, 2024
- Sri Lanka Police introduces nighttime traffic rules to enhance safety December 26, 2024
- Today marks 20 years since 2004 Tsunami Disaster December 26, 2024
- Wasantha Handapangoda passes away December 25, 2024
- PM Harini Amarasuriya calls for togetherness, gratitude, and peace this Christmas December 25, 2024
Debt of Rs 626 billion for a small country like Sri Lanka. You are chocked with debs for buying luxury cars and expensive holidays. So who is going to pay? It is your children will pay and they will thank you for leaving a corrupted poor wounded country.
No idea how they open their mouths to say as such. When they are in power these statements are only against them, not against others. Bad administration