Sri Lanka Brodcasting Corporation

Tue05222018

Last updateSun, 20 May 2018 2pm

Local News

The President says that it is uncertain what happened to the sum of 90 billion rupees of foreign loans obtained during the Rajapakse regime.

President Maithripala Sirisena says Sri Lanka has obtained ten trillion rupees of foreign loans during the ten years of the previous regime. However, only one trillion rupees have been mentioned as assets. There is no document for the rest of nine trillion rupees of loans. At a discussion held with journalists at the President's House this morning, the President said that the leaders of the previous regime have destroyed a huge sum of money and even a special commission cannot count the amount they have wasted.
The President further said that a major problem in Sri Lanka economy is that the state income is seeped into various sectors through indirect manner. The process of re-export has also become a major problem in the economy. The market for pure Sri Lankan tea has collapsed due to mixing with imported tea and re-exportation. At the retailed market traders make excessive profits causing immense hardships to consumer. In addition, only 50 to 60 percent money allocated for the government institutions by the budget is spent during the year. This is mainly due to improper management .