Champika warns of severe debt crisis if revenues not increased

Saturday, 2 August 2014 00:00 - - {{hitsCtrl.values.hits}}

Minister of Technology and Research Patali Champika Ranawaka has said that the country is currently confronting a worsening economic crisis as the debt accumulation exceeds the annual household income.

Minister of Technology and Research Patali Champika Ranawaka

The Minister, who represents the nationalist Jathika Hela Urumaya, a party of the ruling coalition, said that the impact of this crisis would escalate in near future if the Government failed to come across a practical plan to defray heavy foreign debts. The Minister pointed out that the nations like Italy and Ukraine obliged to trade the national assets like lands, harbors, and power stations, to foreign countries, in order to settle debts as they had to confront similar economic crises. Ranawaka expressed these views as he met the business community representatives to discuss the five year technological investment plan. The Minister highlighted the need of increasing the State revenue and the export income to avert the crises. The global lender International Monetary Fund (IMF) said Tuesday that Sri Lanka’s economic growth has been one of the fastest among Asia’s developing economies in recent years, but broadening the tax base will be essential to maintain the current growth momentum and foster economic development. The Minister also said that the economic statistics of the country had not matched with the propaganda about the growth and development.

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