Minister of Megapolis Patali Champika Ranawaka says the country’s development process has been stagnant due to the pending loan repayments.
Speaking during an event in Weligama, Minister Ranawaka said only one third of the budget allocation is towards development projects.
He said on the 5th of March, Finance Minister Mangala Samaraweera will seek approval in Parliament to set aside 800 billion rupees as capital expenditure.
The Minister stated the funds will be utilised to construct roads, new cities, to provide electricity, build hospitals and schools.
However he said 2,300 billion rupees will be required to repay loans, adding only a third will be spent on development projects.
Minister Champika Ranawaka questioned as to how the country could move forward amidst such challenges.
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