PM presents Vote on Account for next four months

By Saman Indrajith

The government had decided to review all project loans amounting to around Rs. 9 billion, Prime Minister Mahinda Rajapaksa said yesterday, presenting to Parliament the Vote on Account for the next four months of this year.

The PM said that around half of the loan basket comprised foreign loans and the time had come for the government to give priority to investment promotion rather than depending on loans.

The government had to consider the fact that there were many unsettled bills for 2019, the PM said, adding that it would compel the government to curtail its expenses.

He said that Rs 1,900 billion would be allocated for the government expenses from September to December 31, this year. There was a debt ceiling of Rs 1,300 billion, he said.

 The PM said that when his government handed over the reins in 2014, the growth rate of the economy had been between five and six per cent. That situation deteriorated gradually and at the end of 2019 it became the lowest growth rate in South Asia at 2 per cent.

Rajapaksa said that all 225 MPs had a responsibility to revive the national economy and requested them to join hands with the President and the government to develop the country.

The debate on Vote on Account continues today.