The opposition claims Sri Lanka has been downgraded once again by international rating agencies since the government has ignored the advice of economic experts.
Speaking to NewsRadio, Parliamentarian Harsh de Silva said the government has not provided any alternative as Sri Lanka is heading towards a debt default.
MP de Silva said the government initially ignored the expert advice to obtain vaccine doses and promoted a syrup instead which resulted in the death of many Sri Lankans.
He said the country’s farming industry suffered after the government took an arbitrary decision to ban the use of chemical fertiliser.
He said during both occasions, the government ignored the advice of experts.
MP Harsh de Silva said the government has claimed that it has a home-grown solution for the economic troubles as well.
The MP said Sri Lanka’s economy will endure the same fate as the coronavirus crisis and the farming issue.
He said he personally believes it is too late and the government is likely to default on its debt either in January, March or July.
MP de Silva said the Governor of the Central Bank, Ajith Nivard Cabral as a Minister if July claimed Sri Lanka’s foreign reserves will increase to US$ 7 billion by December.
He said however now Sri Lanka does not even have US$ 1 billion in reserves.
Parliamentarian Harsh de Silva noted that rating agencies have now issued red warnings since they have observed that the government will struggle to honour its debt repayments while running the economy.