• Total foreign debt services for the next few years will be $ 29Bn

By Yohan Perera 

Sri Lanka will be compelled to go for a debt restructuring programme with the assistance of the IMF to get out of the present economic deadlock, an SJB MP said yesterday.  

SJB MP Dr Harsha de Silva told a press conference that social unrest would be inevitable if the economy goes down further. “Such a situation could be avoided only if the government goes for a debt restructuring programme with the assistance of the IMF,” Dr. de Silva said. 

“As per the statement made by Fitch Ratings, total foreign debt services for the next few years will be $ 29 billion while it will have to settle $4 billion each year, including this year. However, Sri Lanka will be left with usable foreign reserves of $ 3.5 billion. The debt services for this year will be $ 3.8 billion. How is Sri Lanka going to manage this situation?” he questioned. 

“Sri Lanka’s expenses for salaries, pensions, and interest for loans for the first quarter of this year is around rupees 727 billion whereas the revenue has been Rs 482 billion,” he said.