University teachers have cited four main reasons among many that have caused the country to become bankrupt economically.
Twenty nine of their representatives explained these reasons to a parliamentary committee on the country’s insolvency that held its first meeting last Wednesday.
One of the reasons they cited was huge foreign borrowings which were not invested, but spent on state expenditure.
The considerable tax reductions made by the government that came to power in 2019 and a more than 100 pay hike given to public sector workers by the good governance regime four years earlier are two other reasons.
Another is that the ban on chemical fertilizer, while unfeasible mega development projects too, led to bankruptcy, they said.
This parliamentary committee is headed by MP Saraga Kariyawasam.
Among the academic present at the meeting were UGC chairman Prof. Sampath Amaratunga, Prof.Sirimal Abeyratne and Dr. Aminda Methsila Perera.