Sri Lanka's current debt crisis is a serious issue that should not be taken lightly by anyone, irrespective of their party affiliations, SJB parliamentarian Dr. Harsha de Silva said.
He noted that although Sri Lanka has never defaulted its debt obligations, the ruling party must comprehend that the country is at serious risk of not being able to meet its debt commitments.
He said that such situations need to be managed in a strategic manner devoid of any arrogance.
Sri Lanka is burdened with close to USD 6 billion in foreign debt servicing next year and the country doesn't seem to have a strategic plan to meet this challenge, taking into account our current foreign reserves and revenue capacity.
"Therefore, I feel that the government should start official negotiations with the international institutions which have lent us money and request a pause or a grace period," he said.
Sri Lanka will have to pay more than 70% of its tax revenue as interest for the international debts the country has taken.
