Colombo -  Responding to the reports indicating that the per capita debt had exceeded Rs 1.2 million, State Minister for Finance Ranjith Siyambalapitiya said the increase in debt burden resulting from the rupee's decline has had a significant bearing on the scenario.

Responding to questions from journalists, the minister stressed the significance of looking beyond mere numerical calculations to comprehend the full context of the situation.

Highlighting the numerical approach of dividing the total public debt by the population, the minister acknowledged its importance but urged for a more comprehensive explanation.

“Drawing attention to the depreciation of the rupee by approximately 45% between 2020 and 2023, the minister explained how it drastically impacted the value of the debt. The increase in debt burden resulting from the rupee's decline has had a significant bearing on the current scenario, accounting for roughly 90% of the issue at hand,” he added.