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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Lanka out of debt trap now

Lanka out of debt trap now

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1Lanka out of debt trap now Empty Lanka out of debt trap now Thu Jun 18, 2015 9:03 am

Melissa Pereira


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
Sri Lanka is no longer caught in a debt trap due to prudent economic and monetary policies implemented by the government,Finance Minister Ravi Karunanayake said.

He also dismissed certain opposition parliamentarians' remarks on the present status of the economy as "baseless," declaring that the government had enough money to afford public servants' salaries as well as social welfare benefits.
The Minister said the government is able to afford public servants' salaries and other social welfare benefits.The government has allocated Rs. 8,614 million for social welfare grants and will continue to pay the monthly grant of senior citizens above 70 years in the country as promised.

"We have no intention of retrenching or delaying the grants to all the senior citizens in the country,"he said.

Commenting on the debt situation in the country,the Minister said they had to borrow at low interest rates to pay off the high interest loans taken by the previous government," Karunanayake told reporters in Colombo.

He blamed the previous government for overstating revenues and underestimating
Courtesy: Daily news 18 June 2015

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