‘Medamulana Tax’ to settle previous regime’s loans

The government has had to impose a Rs 0.20 Medamulana Tax on each Rs.1,000 transaction taken place in banks to create a fund to settle the loans obtained during the previous Mahinda Rajapaksa regime, National Policies and Economic Affairs Deputy Minister Dr. Harsha de Silva said.

He made these observations in Parliament yesterday in response to Joint Opposition member Udaya Prabath Gammanpila during the round of questions for oral answers who queried if the government had obtained loans at high interest rates while charging that the previous government had taken loans at high interest rates.

Deputy Minister Silva further said the previous government had obtained loans at a very high interest rate of 9.9 in 2011 when the interest rates were comparatively low.

He added that the loan rates had increased recently all over the world. “But, we have not taken loans at such high rates,” Deputy Minister Harsha de Silva said. 

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