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Rs.+2+billion+loss+per+year+due+to+former+President%E2%80%99s+cabinet+paper
Tuesday, 09 June 2015 - 19:42
Rs. 2 billion loss per year due to former President’s cabinet paper
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The ruling party revealed in parliament today regarding a loss of Rs. 2 billion per year, due to obtaining a foreign loan at a higher interest rate than the existing rate at the time, for the construction of the Hambantota Port.

Pertaining to a loan of USD 307 million which was obtained in 2007, the former President who was also the then Minister of Finance had issued a cabinet paper instructing to pay a stable interest rate of 6.3% for a period of 15 years.

Deputy Minister of Policy Planning and Economic Affairs Dr. Harsha de Silva stated that, even though today’s interest rate has dropped by 0.4%, the country is suffering a considerable loss by paying the 6.3% interest rate continuously.

Meanwhile, it was also revealed in parliament today, that during the previous regime a loan of Rs. 96,474 million rupees have been obtained by the RDA from 3 State banks without parliament’s approval.
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