Hidden Costs: The Impact of Foreign Debt on Sri Lankan Citizens
By Groundviews - Tue Aug 21, 1:59 am
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Featured image by Raisa Wickrematunge
Editor’s Note: The following is a response to a call for contributions ahead of the UN Independent Expert on foreign debt and human rights, Juan Pablo Bohoslavsky’s visit to Sri Lanka. Bohoslavsky is set to arrive in Sri Lanka from September 3 to 11, at the invitation of the Government. His visit aims to assess the human rights situation from the standpoint of foreign debt and other related international financial obligations.
It is estimated that Sri Lanka’s debt servicing cost will be USD 4.2 billion next year. From 2000 to 2009, Sri Lanka’s foreign debt doubled, from USD 9 billion in 2000 to USD 18.6 billion in 2009. By 2014, this amount had skyrocketed again to USD 42….