Sri Lanka debt rise to 140-pct PM says after currency collapse | Sinhala News

Sri lanka News – Sri Lanka’s debt has shot up to 140 percent of gross domestic product Prime Minister Ranil Wickremesinghe said as the rupee fell in the worst currency crisis in the history of the island’s intermediate regime central bank.

Sri Lanka rupee has fallen to 360 to the US dollar from around 200 at the beginning of the years.

Wickremesinghe said Sri Lanka is making progress towards and 4 year Extended Fund Facility with the International Monetary Fund.

“With the IMF we hope to reduce it (debt) to 95 percent of GDP by 2032,” Wickremsinghe told parliament.

Sri Lanka’s government debt which was Rs17,580 billion by end 2021 and risen to 2022 March Rs21,969 billion, he said.

Sri Lanka defaulted on its foreign debt after three currency crisis from 2015.

Sri Lanka now had to repay the following debt, he sad.

June – Dec repayments of US$3489mn

2023 – US$5862mn

2024 – US$4916mn

2025 – US$6287mn

2026 – US$4030mn

2027 – US$4381mn

Sri Lanka’s economy is expected to shrink to 76 billion US dollars in 2022 from 94 billion in 2018.

It is expected to come back to the earlier level by 2026. (Colombo/July05/2022)

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