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Expressway debts could take 160 years to settle despite profit: Minister
Colombo, April 10 (Daily Mirror) - Despite earning a yearly profit of Rs. 5 billion from expressways, Minister Bandula Gunawardana revealed that it might take at least 160 years to fully pay off the Rs. 800 billion loan used to build them.
Gunawardana explained that even if someone lived for 80 years, it would still be impossible to settle the debt. He emphasized that even if someone reincarnated multiple times and worked throughout each lifetime, the debt would persist.
To prevent financial collapse, Gunawardana stressed the importance of following protocols set by the World Bank (WB), IMF, and Asian Development Bank (ADB). He warned that failure to comply could lead to ruin.
To tackle the debt, the minister proposed transferring the expressway system and its assets to the government-owned Sahasya Investment Company.
This, he believes, is necessary to prevent innocent individuals from bearing the burden for the rest of their lives.
Comments - 48
Comments - Expressway debts could take 160 years to settle despite profit: Minister
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Sandy Wednesday, 10 April 2024 06:41 AM
How many expressways could have been built with the money spend on war . Roads and bridges are built for all the generations current and future so it doesn't matter, as long as there is profit.
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Aa Wednesday, 10 April 2024 06:46 AM
SLPPers robbed these money
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Sunil Wednesday, 10 April 2024 06:51 AM
Probable corruption increased cost and possibly feasibility study with unrealistic assumptions has resulted in poor payback period. However, we must look at it not only from payback period but how it helps other sectors like tourism foreign investment, greater productivity of workforce due to quick travelling etc.. Here, you see the value.
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Maydtal Wednesday, 10 April 2024 07:03 AM
That’s probably because we the people have to pay off the cost of highways (~200Bn) plus the commission and bribes approx 600Bn that you lot siphoned off from all these projects to support you and your families!
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Eper Wednesday, 10 April 2024 07:10 AM
Loan and loans for everything with the expectations of the commission and the end result is “ tax hikes on the 22 million “.Where is the planning
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Ylg Wednesday, 10 April 2024 07:14 AM
Wonder who took the loan!
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Reformist Wednesday, 10 April 2024 07:17 AM
You are missing the point and explaining the wrong thing. That is why it is important to design these projects so that bribes can't be taken. If you prevent bribes and corruption by politicians and public servants, these projects can cost half the amounts of their costs. Instead of building roads, they are building their own homes from corruptly acquired money. Successful prosecutions for bribe takers and sending them to jail are the cures.
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LAL.FERNANDO. Wednesday, 10 April 2024 07:26 AM
YES THAT IS BECAUSE ALL THE "COMMISONS AND OTHER ILLEGAL TRANSACTIONS" amongst the MINISTERS AND OTHER PEOPLE.
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Christo255 Wednesday, 10 April 2024 07:31 AM
Another stupid argument by Mr. 2500. Did you build the highway to pay back from toll charges only. What about infrastructure development, ease of travel, fuel savings etc etc
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Jayantha Wednesday, 10 April 2024 07:34 AM
All these should be taken from MR the ruler who ruin th economy with uselss projects and taking massive commission where possible. Instead of doing projects with Japan which gives loans at almost zero interest rates he went with chinese commercial loans because of his greed for money. If the expressway is a massive loss think about hambantota port,mattala ap,nelum kulana like projects. Latter ones are not even making proper income and massive burdens for the country.
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Mahila Wednesday, 10 April 2024 08:23 AM
Sadly, The Messiah wouldn't be amongst the Living, unless average age of Sri Lankans becomes 225 years to see MESSIAH’s cherished dream project Loan being repaid in Full!!!??? 2184 CE!!!??? \ WHAT-A-CALAMITY!!!???It will be a Burden, when his son becomes the President of SL!!?? Would any other country on this earth beat our RECORD!!!??? NO!? Only STARVATION, DEPRIVATION of ‘VISTAS of PROSPERITY, SPLENDOUR’ remains A DAYDREAM!! CRUMBS for Poor Masses TO ENDURE ANOTHER 160 Years and Beyond!? Enjoy the folly of VOTING!? All these misgivings of the Populace in SL, to facilitate A Leading Family from South, travel comfortably!
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Be Fair Wednesday, 10 April 2024 08:36 AM
If not for Bribery and Corruption the repayment would have been not more than 30years.
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THANKS Wednesday, 10 April 2024 09:00 AM
APPEARS TO BE SOUND ADVICE. TIME WILL TELL.
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sanje Wednesday, 10 April 2024 09:04 AM
the rate Ministers and and other hierarchy like you all misuses tax payers money 160 years not bad.
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Sokrates Wednesday, 10 April 2024 09:05 AM
Why did you build these idiotic expressways in the first place? The ordinary citizen does not need or use them, which can be seen from the income. These expressways are mere monuments set up by political families for their own glory. This infrastructure is only used by the rich elite and politicians, who then drive themselves to death in their overpowered vehicles at excessive speeds and in reckless overtaking maneuvers. But that's the only good thing about it.
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Tissa Fernando Wednesday, 10 April 2024 09:23 AM
Mr Minister , out of Rs 800 billions spent, how much was spinned off by the respective politicians. My guess is over 60%.
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Mervyn Rodrigo Wednesday, 10 April 2024 09:33 AM
Hay fool, you guys talk 160 years, 48 years etc., but who knows how long Bandula and Ranil going to live. Don't talk rubbish learn to talk with sense.
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Prof. K.W.C. Ramachandran Wednesday, 10 April 2024 09:35 AM
You and your boss Mahinda got these loans and pocketed huge commissions in billions and now you are talking bullshit, get lost man.
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Man Wednesday, 10 April 2024 09:40 AM
Because it includes the plundered amount of Rajapakshas' including the relevant high commercial interest paving the way for bankruptcy of Sri Lanka.
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Improve public transportation Wednesday, 10 April 2024 09:56 AM
The expressways are a huge waste of money built for the rich and elite and for the crooked politicians at the expense of the tax payers who have to go around in overcrowded buses and trains The government should have used that money to improve the public transportation of this country and it would be cheaper in the long run since there would be less demand to import private vehicles and fuel
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Seeya Wednesday, 10 April 2024 10:02 AM
Interesting, you go around opening transport infrastructure and here you talk about not being able to pay debts. Shows how much of malpractices have been going on. So just by handing over the management of the Expressway to a government company you can reduce the debt? Wow didnt know that
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VJ Wednesday, 10 April 2024 10:49 AM
You can pay it much earlier if you recover the money paid as commission to politicians. How much more time will it take to pay commission you are collecting nowadays?
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BuffaloaCitizen Wednesday, 10 April 2024 11:09 AM
But your Master made the pocket money from all this carnival. At that time, you even stated Rs. 2,500 is enough per month to live. Now after getting surprising enlightment, you say 160y to pay these loans. Were you masturbating with the Rajapakse's when they were doing this kind of monkey business for which you were part of this party?
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Goba Wednesday, 10 April 2024 11:26 AM
minus politician-stealing monies per annum is 1 billion. Then RDA staff salaries from remaining 4 billion is 1 billion. the remaining is only 3 billion. Then it will be 266.66 years, not 160 years, Mr.Failed math-economic-lecturer
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DOT Wednesday, 10 April 2024 11:36 AM
We see no proper markeing of the express way!
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Mismanagement over the years Wednesday, 10 April 2024 11:37 AM
Finance minister saying vehicle imports possible next year onwards, this fella saying for the next 160 years paying Off highway debts. Plus sooo many other debts especially those “white elephant” projects in Hambantota still outstanding . Aren’t you all shameless, borrowing money from worldwide? Didn’t your parents teach you to live frugally and away from debts? Stop showing off and Live within the country’s means. Set an example to the citizens. That’s why this current batch of politicians needs replacing as most are responsible for the economic meltdown of 2022 due to mismanagement over the years by taking never ending loans.
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Lk Wednesday, 10 April 2024 11:52 AM
If it is your own business would you have borrowed the money to do it ...MR and co did it and borrowed this amount of money to build these roads as the public is responsible to pay back ...what a mistrust is this ?/
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Palanappu Kangaha Wednesday, 10 April 2024 12:15 PM
...despite Myna foreign investments with your best knowledge!
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DJ Wednesday, 10 April 2024 02:09 PM
So to help it, you should go first. You using public resources.
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A Wednesday, 10 April 2024 02:09 PM
That is becuase the loaded cost to accommodate commission
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Anura Jayantha Wednesday, 10 April 2024 02:30 PM
Wow! Great work by your masters who may have shared some of the money with you they got from the highways!
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Wasted Wednesday, 10 April 2024 02:49 PM
This is the development era of MR and your regime
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Tissa Fernando Wednesday, 10 April 2024 03:33 PM
I have been thinking as to why this statement is being made then I realised may be he is planning to sell the highways to a private company. They setup a company recently. That should be the probable reason. So they robbed when constructing the highways and now they want to rob again by selling the future income from those highways.
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Nazeer Wednesday, 10 April 2024 03:50 PM
What are you doing till the tollgate drops, You are not fit to become even a peon in this ministry
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Jamis Wednesday, 10 April 2024 04:01 PM
Transferring the expressway to the government means that the tax payers will continue to carry the burden. That is not a solution. At least, now that people are actually paying some taxes, they will hold the government to account. I think that is the best thing about the tax increase. In the past, people didn't care about government inefficiency. In the future, that will hopefully change, when their realized that their hard earned tax dollars are wasted.
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Buddhist Wednesday, 10 April 2024 04:06 PM
Bandula can only make such speeches. Why won't he take the leadership in bringing back the stolen money by his leaders who have parked the money overseas, exposed by the Pandora Papers? At least he could start with the cases thrown out of the courts for technical issues.
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Lakmal Kahawela Wednesday, 10 April 2024 05:24 PM
We all know that that 800 billion was over budgeted with bribes commission etc. Otherwise this would have been 80 billion instead which would have paid in 16 years. Jayaweva Mahinda !!!!
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Gt Wednesday, 10 April 2024 06:18 PM
Ask the rajapakses to pay for the ridiculous long road leading to their village which barely anyone uses, built for their own convenience
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Channa Wednesday, 10 April 2024 06:54 PM
It is not surprising that this so called economics Expert doesnt know how the benefit of a long term infrastructure investment is assessed, or tried to hoodwinked the public by lying ?. It is not only the rupees that would be earned at the end of the year, but the other savings on fuel (which is foreign exchange), motor spare parts and tyres, saving on time (value of the saved time which is available for increased productivity), etc. etc...
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Asoka Wednesday, 10 April 2024 07:08 PM
It includes years that are allocated for commissions taken by responsible ministers.
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Dasa P Wednesday, 10 April 2024 07:25 PM
Don't even think about reincarnating in this wonderous country
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Upulpb Wednesday, 10 April 2024 07:47 PM
It is OK Commissions were collected upfront
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Rip Winkle Wednesday, 10 April 2024 08:43 PM
Weren't you part of the government involved in this ludicrous deal?
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Too much money spent on relgions so debt cannot be repaid Wednesday, 10 April 2024 09:39 PM
It was the Thera who wanted all the public works, and politicians to curry favour did the wrong thing of building over priced road and buildings like Mattala Airport. Country will continue to flounder while religion has too important a sport in politics.
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Danny Thursday, 11 April 2024 01:12 AM
Bring back the money Rajapakses pilfered and then the debt can be settled in just one year! Come on Bandula!!
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Tissa Fernando Thursday, 11 April 2024 06:11 AM
The issue is not why these expressways were built but the amount of money robbed out of the expenses. Expressways are essential component of ant country's infrastructure without which a country cannot move forward. Airports , harbours and other buildings are required but the issue again is the money spent probably robbed to the extent of 60% of total expenditure.
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Foot note Thursday, 11 April 2024 06:35 AM
Don't worry. Mahinda ji will reincarnate in a Chinese family in Hambantotama and become the Chairman of this country by 2050 will cancel or pay all debts. Independence, Sovereignty, and Integrity secured by our own Mahinda ji, no matter who he would be.....
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Highway User Thursday, 11 April 2024 07:13 AM
I totally agree with Christo and Channa regarding the overall savings on fuel, spares and time. I do agree with some others who have said the cost of building highways would've been less than 50% if the SLPP and the Rajapakses did not pocket the other half. Mr 2500 you are making an idiot of yourself as usual. The people can't be fooled all the time. Time for all of you to be thrown out lock, stock and barrel.
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