Former President’s debt plan a ticking time bomb, says Nagamuwa
Posted on October 20th, 2024
Courtesy Hiru News
Duminda Nagamuwa, an executive member of the Jana Aragalaya Alliance, has warned that former President Ranil Wickramasinghe’s debt restructuring plan is a ticking time bomb. Speaking at a news conference in Kalutara, Nagamuwa asserted that the current government should refrain from implementing this plan, calling it not only a trap but also a potential disaster set to explode in 2028.
Nagamuwa cautioned that Wickramasinghe has ensnared the country in a debt trap that could last until 2043. He highlighted concerns regarding the International Monetary Fund (IMF), which he described as the country’s supposed savior, providing loans at an interest rate of 7%. Furthermore, he pointed out that the IMF agreement includes penalties for missed payments.
In light of these developments, Nagamuwa urged the government to remain vigilant and avoid signing any future agreements with the IMF.