State debt rose to 9.5 trillion rupees after revealing hidden dues: PM

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Mar 08, 2016 (LBO) – Sri Lanka’s Prime Minister Ranil Wickremesinghe told Parliament Tuesday that the island’s debt has now increased to 9.5 trillion rupees after adding hidden government dues which amount to 1,442 billion rupees.

Wickremesinghe, making a special statement in Parliament, said as at end of 2015 the state debt amounted to 8,475 billion rupees or 74.9 percent of GDP.

Prime Minister said a total of 1,209 billion rupees has to be paid this year as debt service payments from which 647 billion rupees as loan repayments and 562 billion rupees as interest payments.

“The debt which had to repay by state owned enterprises have not been included in the state debt. This debt amounts to 1,442 billion rupees.” Wickremesinghe said.

The new debt payments includes CPC 365 billion rupees, Ports 260 billion rupees, SriLankan Airlines 211 billion rupees and EPF and ETF overdue on SLTB 21 billion rupees.

Apart from that departments and ministries have another 58.4 billion rupees in dues, while Ministry of Highways alone has to pay 24 billion rupees.

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