Former Deputy Leader of the United National Party and Parliamentarian Ravi Karunanayake said that the country should not obtain loans in a way that turns its citizens into debtors.
He stated that while the Central Bank claims debt is being created in the country, it is necessary to examine whether its actions are actually benefiting the nation or causing further harm by increasing the debt burden.
The MP said that the country’s debt creation, which stood at around 14 percent, has risen to 22 percent since April 2025. He noted that this increase appears to include leases, mortgages, and credit card spending, which he described as forms of artificially created debt.
According to Ravi Karunanayake, this trend indicates that debt is not being generated for essential needs or productive capital expenditure. Instead, he said the country is effectively creating new debt merely to service existing debt.
He emphasized that borrowing should be directed toward national development and progress, rather than increasing the financial burden on the people.
