Debt crisis worsens in the country

The country currently confronts a worsening economic crisis and the debt accumulation exceeds the annual household income, Minister Patali Champika Ranawaka said. The Minister made the observation while addressing an event held in Colombo, today morning.   

He pointed out that the impact will escalate in near future, if the government fails to come across a practical plan to defray heavy foreign debts.

“Despite the efforts of the government to demonstrate that the country marches towards the success, foreign debts exceed the annual household income, and there are many issues. This has proved according statistical data as well,” said Ranawaka.  

The Minister stated that the nations including Italy and Ukraine obliged to trade the properties of their countries, such as lands, harbors, and hydro power plant operation stations, to foreign countries, in order to settle debts as they had to confront the economic crisis. 

“This nature of crisis will too occur here, if not found practical solutions,” Ranawaka added.