Sri Lanka’s public debt has increased dramatically under the ruling Rajapaksa regime and every citizen is now in debt to the tune of Rs. 360,000 (USD 2769), says United National Party MP Eran Wickremaratne.
The figure was confirmed by Deputy Minister of Finance Sarath Amunugama who said that the debt of every citizen had crossed the Rs. 300,000 mark.
Joining the debate on the Government’s Budget for 2014 Wickremaratne said that Sri Lanka was in debt to the tune of Rs. 6.63 Trillion (USD 51 Billion). “During the UNP regime the national debt stood at Rs. 1.86 Trillion,” Wickremaratne said.
All this while 2 percent of Sri Lankans are living on less than USD 2 a day, he said.
Wickremaratne said that the Government was imposing 80 percent of its taxes as indirect taxation on the citizens, while only 20 percent of taxes were being extracted directly, meaning the citizen had no idea how much of a percentage of the price of goods and services were being taken from them as taxes.