Sri Lanka has, for the very first time, borrowed more than its annual income last year, claims parliamentarian Wijayadasa Rajapakse. he said the total state earnings in 2009 stood at Rs. 750 billion, while the loans obtained amounted to Rs. 800 billion.
With this huge borrowing, every Sri Lankan now owes Rs. 210,000 to the world, up from Rs. 92,000 in 2005, he said. In the past four years alone, the government has made a citizen Rs. 108,000 in debt. By December 31, 2009, the total state borrowings rose to Rs. 4,020 billion, said Mr. Rajapaksa.
Speaking further, he said the loans obtained before 2005 were being used for development projects, whereas borrowings thereafter were not visibly being utilized for development.