"Sri Lanka's Crisis Was Not Caused By COVID19: We Have Borrowed Excessively From Foreign Countries"

February 07, 2022

Minister of Energy Udaya Gammanpila says that the reason for the huge economic crisis in the country is not the COVID19 pandemic but the excessive borrowing from foreign countries.

"The government has no rupees. The country has no dollars. If this problem was caused by COVID19, you can get out of this problem by obtaining short-term loans so we can go back to the old position once the pandmic is over. But this is not a problem caused by COVID19. This issue will not end when the pandemic is over," he said, addressing an event in Colombo.

"We have been spending more than our income since 1955. We did not earn income but settled this by taking loans. The government is stuck in a situation where it can no longer take loans," he said.

"A bomb, which was to explode in another five years, was only quickened by the arrival of COVID19. Therefore, we cannot get out of this problem by taking short - term loans from India, China and the IMF," the Minister explained.