Sri Lanka's finance minister, Mangala Samaraweera on Sunday warned the country's debt crisis is only set to get worse.
"This crisis will further worsen next year," Samaraweera told journalists.
"$ 4,285 million have to be paid in 2019 and of which $3,315 or 77% of the repayment are for the debt obtained during the tenure of the Rajapaksa regime."
"Although this government was destined to shoulder such a heavy debt burden in 2015, it has been able to take steps to implement development activities at a fast pace than that of the Rajapaksa regime thereby assuring more direct benefits to the people," he said, adding that a heavy debt burden would continue going forward.
"Another US $3,768 million will have to be paid as loan installments and the interest in 2020 and of which 77% or US $2,905 million is the debts that were borrowed before 2015," Samaraweera said.
"Only US $ 863 million have to be paid for the debt that was borrowed after 2015. In 2021, 83% of the foreign debt installments will have to be paid to repay the debt taken before 2015."
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