Sri Lanka’s debt has reached a record high said the government’s Auditor General in this year’s report on Public Debt Management.
The country’s debt has climbed to a record Rs. 417,913 per person by the end of 2016, an increase of nearly Rs 45,000 from the year before. In contrast, by the end of 2005, the debt per person stood at Rs 108,908.
Moreover, the Auditor General said that debt would continue to rise due to the continuing depreciation of the Sri Lanka rupee and the inclusion of a considerable amount of foreign debt as part of the total public debt, which also continues to increase.
The Sunday Times said the report “painted a dismal picture of the country’s debt management”.
See more from the Sunday Times here.