Minister of Environment Mahinda Amaraweera says the present administration must acknowledge that it has not been able to control the continuous depreciation of the Sri Lankan rupee and the increase in dollar rate.
Speaking during an event in Matara, Minister Amaraweera said under the present situation debt per capita has increased to approximately Rs.800,000.
The Minister said the country is facing challenges in all sectors.
He said the country’s foreign debt stands at Rs.17.2 trillion. Minister Amaraweera said when Sirimavo Bandaranaike took office in 1970 a US dollar was valued at Rs.9 adding the value decreased to Rs.7 by 1977.
The Minister said all Heads of State and governments since 1977 were unable to reduce foreign debt.
He said the US dollar is valued at various prices from Rs.200-240 adding the country’s dollar reserves have decreased rapidly.
The Minister said this situation could continue into the future.