Lankapage Logo Recent Top Stories
Go Home Home Serving the Sri Lankan community globally since 2000
go to

Leading News from Sri Lanka::

* Sri Lankan Minister warns of severe debt crisis if revenues not increased
Wed, Jul 30, 2014, 11:37 pm SL Time, ColomboPage News Desk, Sri Lanka.

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.

ColomboPage - Recent 10 Stories
Brandix takes lead in supporting Sri Lanka's national initiative in Occupational Safety and Health
-- [1 hour and 19 minutes ago]
Sri Lanka President seeks UN assistance for development projects
-- [1 hour and 37 minutes ago]
Japan agrees to help Sri Lanka on developing infrastructure and boosting maritime security
-- [2 hours ago]
Sri Lanka, Poland agree to enhance cooperation in tourism, business sectors
-- [2 hours ago]
Karunanidhi urges Indian government to move resolution in UNHRC on Sri Lanka - report
Sri Lanka's Constitutional Council to make appointments to independent commissions this week
SriLankan Airlines surpasses benchmark in punctuality
Indian MP ready to quit governing alliance over Sri Lanka's Tamil ethnic issue
Turkish business union opens office in Sri Lanka
Sri Lanka Navy builds an ambulance water craft for people in northern islets

Copyright © 2000, 2014 by (LLC) :
The news and other contents on ColomboPage are copyrighted property of, LLC. Any unauthorized use of any information on ColomboPage may constitute a violation of copyright laws. You need written permission to reproduce, republish, post, transmit, broadcast or distribute, material from this site from, LLC. However, news organizations or broadcasters in Sri Lanka may republish the news items in ColomboPage with proper acknowledgment to ColomboPage.