He said that around half of the loans comprise foreign loans and the time has come for the government to give priority to investment promotion rather than depending solely on  loans.

“The government has to consider the fact that there is a huge amount of unsettled bills for the year 2019,” he said, adding that it would compel the government to reduce its  expenses.

He said that Rs 1900 billion would be allocated for government expenses from September to December 31, this year. There is a debt ceiling at Rs 1,300 billion, he said.

According to Rajapaksa, when his government handed over power in 2014, the growth rate of the economy was between five to six per cent. That situation deteriorated gradually  and at the end of 2019 it became the lowest growth rate in South Asia at 2 per cent.

Prime Minister Rajapaksa said that all 225 MPs in parliament have a responsibility to revive the national economy and requested all MPs to join hands with the President and the  government to develop the country.