The opposition says the government has jeopardised the country’s sovereignty by resorting to obtaining loans through various means due to low credit ratings.
Speaking during a media briefing this morning, Parliamentarian Kabir Hashim said the country’s financial issues commenced in December 2019 while the country was not amidst a COVID-19 pandemic.
MP Hashim said President Gotabaya Rajapaksa cut down government income amounting Rs.6.5 billion.
The Parliamentarian said all state institutions were affected due to financial rating institutions downgrading Sri Lanka’s credit ratings.
He said the country is unable to open Letters of Credit to import crude oil due to a breach of trust with companies over the LCs.
He said matters have been complicated due to issues not being resolved.
MP Hashim said the present administration has resorted to auctioning Sri Lanka’s sovereignty in order to obtain loans from countries instead of obtaining loans through proper channels.