Country ready to emerge from debt trap of former regime: PM

Tuesday, 10 April 2018 00:55 - - {{hitsCtrl.values.hits}}

By Skandha Gunasekara

Prime Minister Ranil Wickremesinghe yesterday (9 April) asserted that his Government had been able to bring the country out of its ‘massive’ debt trap.

Addressing an event to celebrate youth community projects at Temple Trees, the Prime Minister said that the former administration had left the nation with extensive foreign debts, the repayment of which became a responsibility of the current Government.

“When this Government took over, the country was stuck in a massive debt trap. It seemed impossible to develop the economy with so much debt to repay. However, our Government did not balk at the predicament but took up the challenge. Now, after three years, our economy is stabilizing from effects of the debt trap and now we will begin to repay.”

Acknowledging the efforts of the youth and their achievement through community projects, the Prime Minister said that the country, too, must unite so that it may develop further.

“We must come together and develop the county and take it forward. We must develop the tourism sector and the agricultural sector. We must also increase our production and exports. We want to develop the village, the country and the people,” the Premier said.

Referring to the community development projects carried out by the various youth groups from each district, the Prime Minister said that the Government would be providing additional financial assistance this year as well.

“The winner of the 2017 community youth program received Rs. 10 million. We will be giving even more financial assistance this year. The youth have shown that they can achieve much if they are given the tools and resources.”