‘Sri Lanka is heading in the wrong direction’

2020-09-30 at 17:03

Former State Minister of Finance Eran Wickramaratne says Sri Lanka is heading in the wrong direction and it is evident by the recent rating downgrade by the Moody’s Investors Service.

Speaking during a media briefing in Colombo today, Parliamentarian Wickramaratne revealed that Sri Lanka entered the Moody’s ratings in 2005, and the latest classification is the lowest the country has ever reached.

When comparing to the statistics, he revealed that Sri Lanka has fallen to the level of African countries such as Angola, Congo and Mali. The Parliamentarian stressed that the government had no choice but to say that we are being cornered internationally, as a reason for the downgraded ratings.

MP Wickramaratne said the government must reveal to the public behind the reason for the current downgrade.

He attributed the downgrade to the increasing national debt and the reduction in foreign remittances.

Since there was no specific data on these economic indicators, he predicted that Sri Lanka was heading on a downhill slant, with the government failing to address the current challenges.