UNP parliamentarian Lakshman Kiriella said that the government currently spends 96 percent of the country's income to repay loans.
Sri Lanka's main opposition United National Party (UNP) says the government's actions have pushed the country into bankruptcy.
Addressing a press conference today Kandy district UNP parliamentarian Lakshman Kiriella said that the government currently spends 96 percent of the country's income to repay loans.
He said the government even in such a scenario is looking at more avenues to take loans.
Kiriella observed that the loan repayment component during UNP government was at around 30 percent of the country's income.
He said the financial mismanagement of the government has led to the country's bankruptcy.
He noted that the government in its desperation to find funds attempted to take monies from the Employees' Provident Fund (EPF) and the National Savings Bank.
Kiriella also added that 249 state institutions were incurring heavy losses. Citing examples he said the Ceylon Electricity Board has incurred losses amounting to Rs.26 billion, the CPC Rs.94 billion and SriLankan Airlines Rs. 19 billion.
"The government is looking for money and has even sold around 90 percent of its gold reserves," he said.
He added that the people would be burdened due to the government's financial mismanagement and it would be the people who would have to pay heavy taxes on everything.
(CP)