This indicates that Sri Lanka's actual public debt that the government is responsible for is higher than the quoted figure of 90 percent of GDP.
The biggest guarantee was given to HSBC Bank for 8.895.4 billion rupees in relation to West Coast Power (Pvt) Ltd, an independent power producer that is building a combined cycle plant in Kerawalapitiya.
Another two guarantees, of 1.333 billion each was given to Lakdhanavi Ltd in relation to financing from the National Savings Bank and the Employees Trust Fund Board, bringing the total issued through 2007 to 11.5 billion rupees.
All three power firms are affiliated to the state through Lanka Transformers, though there are also private investors.
Energy analysts however say the power group however has given very competitive prices for