COLOMBO (News 1st) – The Cabinet of Ministers have approved a proposal to raise the Government's debt ceiling for the year 2022.
Speaking at the Cabinet decisions press conference on Tuesday (18), Cabinet Spokesperson Minister Dr. Bandula Gunawardena said that the country currently can only take debt to the limit whic the Parliament hsa set, which is Rs.
3,844 billion. Due to the rupee being devalued, the Government's expenditure has greatly increased, while the Government has become unable to pay with the tax revenue collected from the public.
Therefore, the Minister said that the President submitted a memorandum to raise the country's debt ceiling by another Rs. 66 billion, considered to have been approved on Monday (17).