Whatever the government in power in the country, we are legally bound to settle foreign debts at maturity till 2048, Transport, Highways and Mass Media Minister Dr. Bandula Gunawardhana said yesterday.
He added that Sri Lanka has to repay foreign debt of US$ 36 billion and only 37 percent of them mature within the next five years. The Minister added that 51 percent of the total foreign debt matures in 6-20 years and the rest 12 percent matures after 20 years.
“For example the country has to pay US$ 1.5 billion by March 28, 2030 on maturity of the ten year International Sovereign Bond, whatever the government in power”, he said.
The Minister said Sri Lanka has to be prepared to settle this debt by March 28, 2030 irrespective of the Party in power in the country. Minister Dr. Gunawardhana added that the country received only US$ 1.4 billion by selling out the Hambantota International Harbour. “But we don’t have such mega ventures to sell out either”, he said.
He was of the view that any Party contesting a future election should reveal to the public in their manifestos as to how these foreign debts are settled at maturity.
“There is no political solution to the debt crisis in the country. This issue can only be solved through economic approach,” he said.
The Minister added that the public transport service cannot be run any longer, if the SLTB is not turned into a profitable venture. State Minister Siripala Gamlath and senior officials of the SLTB were present.