UNP dismayed over default on debt servicing

The UNP yesterday expressed dismay over the government's decision to default on the repayment of external debts. The UNP said that the country had an unblemished record, as far as the debt repayments are concerned, even during difficult times. It blamed the government squarely for the financial mismanagement since they assumed office. The suspension of all external services will bring undue pressure on the banks that had obtained foreign loans to facilitate Letters of Credit. The UNP has also called for a Parliamentary Select Committee to inquire into the devaluation of the currency before seeking IMF funding and advice on restructuring the economy.