July 30, Colombo: Sri Lanka Minister of Technology and Research Patali Champika Ranawaka said today that the country is currently confronting a worsening economic crisis as the debt accumulation exceeds the annual household income.
The Minister, who represents nationalist Jathika Hela Urumaya, a party of the ruling coalition, said that the impact of this crisis will escalate in near future, if the government fails to come across a practical plan to defray heavy foreign debts.
The Minister pointed out that the nations like Italy and Ukraine obliged to trade the national assets like lands, harbors, and power stations, to foreign countries, in order to settle debts as they had to confront similar economic crises.
Ranawaka expressed these views as he met the business community representatives today to discuss the five year technological investment plan.
The Minister highlighted the need of increasing the state revenue and the export income to avert the crises.
The global lender International Monetary Fund (IMF) said Tuesday that Sri Lanka's economic growth has been one of the fastest among Asia's developing economies in recent years, but broadening the tax base will be essential to maintain the current growth momentum and foster economic development.
The Minister also said that the economic statistics of the country had not matched with the propaganda about the growth and development.