Sri Lanka may face another economic turmoil: Sajith

• Says may not be able to begin repaying debts by 2028 as per agreement with IMF 
• Sri Lanka needs speedy economic growth if it is to get into a position to begin repaying loans in 2028

By Yohan Perera   

Sri Lanka is slated to face another economic turmoil no matter to whom people may vote at the General Election, former Opposition Leader Sajith Premadasa said.   

Speaking during a Jana Hamuwa in Maharagama Mr. Premadasa said Sri Lanka will face another economic turmoil as it may not be able to begin repaying debts by the year 2028 as per the agreement with IMF.   

“Sri Lanka had the opportunity of beginning repayment in 2033 as the IMF was agreeable to such a move. However, former President Ranil Wickremesinghe offered to start repaying loans by 2028 despite the opportunity given by the IMF. Sri Lanka needs speedy economic growth if it is to get into a position to begin repaying loans in 2028. Sri Lanka needs large-scale foreign direct investments, while it has to increase export earnings and remittances in large proportions if it is to start repaying loans by 2028. We cannot see such a heavy growth of the economy as of now. Therefore, the country is slated to face another economic turmoil in a few years’ time,” Mr. Premadasa said.   

He added that if the SJB secures a majority in Parliament, it will work to stabilize the economy. “We will not go for a collision course with President Anura Kumara Dissanayake if we obtain a majority in Parliament but will cooperate with him to stabilize the economy,” he said.   

At the same time, Mr. Premadasa took the present government to task for it’s comments that salary increment for public servants depends on the situation in the treasury. “How can one say that salary increments depend on the treasury after promising that salaries will be increased every six months?” he questioned.