Traders for action against debt crisis

Leading business figures have expressed concern over the rapidly increasing domestic and foreign loans of the country, highlighting the lack of a sagacious and sustainable policy aimed at reducing or eliminating these debts. They highlighted the urgent need for the government to find immediate solutions to curb expenses, widen the tax net, and stop pampering vested interests and elite capture. They also stressed the importance of maintaining a primary fiscal balance in the medium term through rationalising expenditures, including the privatisation of loss-making State-Owned Enterprises (SOEs) and enhancing revenue mobilisation. The country’s debt and liabilities have reached a record Rs81 trillion, with Rs4.4 trillion attributed to liabilities.