Former Deputy Leader of the United National Party, MP Ravi Karunanayake, has disclosed in Parliament that the government has printed substantial amounts of money, despite previously denying it.
Speaking during a parliamentary debate, Karunanayake emphasized that without a strong economy, the country will face difficulties in repaying its debts. “We need to examine how we can repay the loans we have taken. Government institutions must address this matter. Even if the economy collapses due to bankruptcy, the government must take action,” he said.
He noted that the President had prioritized taking foreign loans for projects such as the expressway instead of relying on domestic borrowing, and stressed that repayment will begin in April 2028, requiring a stable economy to meet obligations.
Karunanayake revealed that the government has so far minted Rs. 1,410 billion and insisted that while printing money is sometimes necessary, it should be backed by assets. “When questioned, the government claims it did not print money. That is not the case—they have printed money,” he said.
He presented the following figures for money printed between October 2024 and August 2025 (in billions of rupees):
2024:
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October: 58.70
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November: 78.30
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December: 234.80
2025:
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January: 117.40
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February: 104.70
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March: 233.90
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April: 154.20
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May: 33.60
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June: 210.30
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July: 151.00
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August: 51.00
Total: Rs. 1,427.9 billion
Karunanayake added that the country’s debt has increased by Rs. 1,050 trillion as a result, highlighting the urgent need for economic planning and transparency in monetary policy.
