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Minister Mangala Samaraweera clarifies how the income due to the country can be obtained

ITN News Editor
By ITN News Editor October 26, 2018 19:19

Minister Mangala Samaraweera clarifies how the income due to the country can be obtained

Minister of Finance and Media Managala Samaraweera tabled a  resolution  today at the parliament to raise 310 billion rupees by way of loans in or outside Sri Lanka for Active Liability Management.

Addressing the parliament he said that the government has a clear strategy to address the issue of local and foreign debts. The minister reminisced that this government took over a very fragile and structurally imbalanced economy.

Economic growth in the post war years was dominated by a foreign debt funded construct boom . The then government went on a spending spree of infrastructure investments, many of which yielded little or no returns. Fortunately for this country, in 2015, the direction of that disastrous path took a different direction and now for the first time in history, the government has a clear approach to manage the debts.

The parliament enacted the Active Liability Management Act in March 2018. Similar acts have been introduced in countries like Malaysia, Indonesia and Philippines with successful results. The Active Liability Management Framework was duly approved by the Cabinet and once the resolution is passed by the parliament to raise 310 billion rupees by way of loans in or outside Sri Lanka for Active Liability Management it would provide much needed legal framework to adopt strategies depending on the market conditions.

ITN News Editor
By ITN News Editor October 26, 2018 19:19
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