Government repays Rs. 129 Bn more debt than raised in bonds & Treasury bills

21 July 2024 10:36 am Views - {{hitsCtrl.values.hits}} 9 Bookmark

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Colombo, July 21 (Daily Mirror) - In the first half of 2024, the government has managed to pay off its debt of Rs. 129 billion more than the amount of debt obtained through bonds and Treasury bills, State Finance Minister Shehan Semasinghe said.

Semasinghe disclosed that during this period, the government accumulated a total debt of Rs. 4,852 billion through bonds and Treasury bills. However, he said that the government has managed to repay Rs. 4,981 billion of debt during the same period.

"People are often focused on loan acquisition statistics, but it's crucial to recognise that the government is effectively reducing its debt burden as well," Semasinghe said.

Comments - 9

Not Updating Truthfully The Current Situation Sunday, 21 July 2024 11:37 AM

Country has US$100 Billion in Debts till 2027. Now just paying interest on these delayed loans payments. Therefore government has more funds to give freebies, officials / politicians living the good life and paying for the up keep of a huge security force to ensure they are protected. To the educated voters, life won’t change much if the current government is in power again. SL has a long way to repay its loans and interest is accumulating by the week. This minister is confusing everyone with limited knowledge of the actual situation. Government needs to tighten the belt or this scenario will go on for generations like it has done for the past decades.

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Steve Sunday, 21 July 2024 02:08 PM

But you should explain how much the new debt will cost in the long term when interest is added. Yes you may have repaid slightly more now than you acquired in new debt, but if that new best will cost 10 times that in interest alone, the country is still be crippled long term!

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Kevin Sunday, 21 July 2024 02:12 PM

Peanuts. Rs. 129 billion is less than $0.5 billion. SL's total loans are $100 billion.

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MORE DETAILS ARE REQUIRED BY MAJORITY OF VOTERS TO ENSURE FAKE CALCULATIONS ARE NOT PUT OUT AS ANOTHER ELECTION SPIN!! Sunday, 21 July 2024 03:21 PM

DOES ANYONE KNOW FROM WHERE THIS 129 BILLION CAME FROM, WHAT DETAILS DOES THE PUBLIC HAVE OF DETAILED CALCULATIONS. FIGURES IN MILLIONS, BILLIONS AND OR TRILLIONS MEAN NOTHING TO THE MAJORITY OF US, UNLESS WE HAVE THE DETAILED BREAKDOWN OF WHERE THIS SO CALLED MILLIONS, BILLIONS AND OR TRILLIONS CAME FROM.

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Ram P Sunday, 21 July 2024 04:31 PM

Semasinghe must disclose how the Rs 4982 Billion was found (providing the breakdown) to make the payment. If that was raised by issuing Bonds or borrowing from other sources, then the payment is nothing to be proud of

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sss Sunday, 21 July 2024 05:21 PM

This person sounds like he is part of a business called government. This is peoples money and not government money. These guys are misusing and stealing it and has created huge problems for the people

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Sajith De Silva Sunday, 21 July 2024 05:39 PM

Country is on recovery path which is good news. Expenditure should be further tightened and direct tax net should be expanded. Growth in Agriculture exports and service sector income is necessary to increase foreign exchange reserves.

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UAli Tuesday, 23 July 2024 07:11 AM

What recovery path, this heartless president and his hotu cabinet ready to spend billions for unnecessary constitutional change ,which would lead country to more chaos by more taxes and unbearable COL, but that’s not a problem to them

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Sambo Sunday, 21 July 2024 07:44 PM

You borrow from Paul to pay Peter. So still we are in debt.

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