Pay For The Vices Of The Unwise
By Mahesh Senanayake –May 19, 2016
Mahesh Senanayake
It is no exaggeration to say that the successive governments in the post independence era in Sri Lanka have contributed to the “debt plight” the islanders are made to bear with today. If one examines the statistics available at the Central bank and the ministry of Finance, that shall be proved beyond reasonable doubt .
Once called the pearl of the Indian ocean, the old Ceylon was an epitome of economic success for many other countries and specially for the countries in the Asian region with self-sustenance in many ways and in many trades. Today, it is sad and worrisome to mention that the once self sustained country today has become an example for being “debt trapped” with no mercy towards its dwellers who have been mislead and misguided by not all but many successive leaders whom the dwellers appointed to guide and lead them and the nation.
A review of the total debt taken from 1950 to date and the pay capita debt repayment reveals startling facts of an economy which pushes its every citizen to pay Rs 25,000 as interest, in addition to bearing another Rs 40,000 for the repayment of the principal amounts of the loans, per annum.
In 1950 the total debt the country was liable for was Rs. 654 billions that only demanded Rs 86 from a Ceylonese to pay back the debts. In 53 years the total debt climbed up to Rs 2,139 billions in 2003 compelling every sri Lankan to bear Rs 111,563. In modern Sri Lanka which is bestowed with many white elephants, deal wheelers, a crooked public service and a confused society, every Sri Lankan has to pay Rs 425,000 to the cover the cost of loan repayment of a total debt of 8,503 billions.
