Former Deputy Leader of the United National Party, MP Ravi Karunanayake, warns that if Sri Lanka defaults on its debt, small and medium-scale industrialists will suffer the most.
Speaking to the media, he said that the economic repercussions of such a default would affect a large number of people due to the decisions made by just one or a few individuals. This, he noted, is why he consistently raises concerns about the country’s debt situation.
Karunanayake emphasized that the solution is not to stop borrowing altogether, as borrowing becomes necessary when the country faces economic challenges. Instead, he stressed the importance of increasing national income to manage debt sustainably and protect vulnerable sectors.
