Deputy Finance Minister Harshana Suriyaperuma announced that a new program to borrow money has been prepared, following a methodology that suits the country’s economic needs. He made this statement while speaking during the budget debate held in Parliament.
According to Suriyaperuma, the budget has been designed to guide the country towards future growth by creating an institutional structure that involves the participation of the people. He dismissed opposition claims that the government’s actions would lead to bankruptcy, arguing that past policies implemented by the opposition were responsible for the country’s economic downfall.
The Deputy Minister revealed that the government expects to raise 4000 billion rupees through the new borrowing program. Of this amount, 3500 billion rupees will be obtained from domestic financing, while the rest will be sourced from international funding.
To ensure transparency, a Debt Management Office has been established, along with a committee specifically appointed to manage the country’s debt. The government is also focusing on obtaining domestic loans while external financing continues to be managed by the Central Bank with the assistance of the Debt Management Committee.
Suriyaperuma emphasized that the new approach aims to avoid the mistakes of the past, where loans were taken at high commercial rates that contributed to the country’s bankruptcy. Instead, the government is working to obtain loans through a more suitable and sustainable methodology.
