The Pivithuru Hela Urumaya (PHU) has raised concerns over the significant borrowing undertaken by the government within the first five and a half months in power. PHU leader, Attorney-at-Law Udaya Gammanpila, stated that the government has accumulated loans amounting to Rs. 5,156 billion during this period, surpassing the total revenue collected in 2024.
Speaking at a media briefing held at the party headquarters, Gammanpila emphasized that transparency regarding the utilization of these funds is a crucial responsibility of the government.
“Our country fell into an economic crisis due to our inability to repay past loans. Given this reality, we expected the President to disclose the total borrowing in the recent budget speech. However, this critical information was not revealed,” he stated.
According to the PHU leader, as of March 5, 2025, the government’s borrowing stands at Rs. 5,156 billion, equivalent to Rs. 515,600 crore. He highlighted that the government’s total revenue collection for 2024 was Rs. 4,000 billion, yet within just five and a half months, the government had borrowed a sum exceeding this amount.
A breakdown of the borrowings revealed that Rs. 3,775 billion was raised through Treasury bill issuances, while Rs. 1,063 billion came from Treasury bonds. Additionally, loans amounting to USD 1,084 million (approximately Rs. 318 billion) were obtained from international financial institutions such as the World Bank, the Asian Development Bank, and the International Monetary Fund.
Gammanpila stressed that while borrowing is sometimes necessary for economic stability, the government must be accountable for how these funds are being utilized.
The PHU leader urged the authorities to disclose the specific purposes for which these funds have been allocated and called for greater financial transparency to restore public trust.
