In a statement on the third anniversary of the yahapalana government, former president Mahinda Rajapaksa said the Moragahakanda project was planned, funds allocated and construction work launched under his government in 2007 under the 2005 Mahinda Chintana programme.
He said even the Rajagiriya flyover was planned and money allocated for its construction by his government and pointed out that Cabinet approval was granted to select contractors for the construction of the flyovers in Rajagiriya, Polgahawela and Ganemulla at the cabinet meeting held on December 4, 2014. Mr. Rajapaksa also held the yahapalana government responsible for the current debt crisis.
In his statement he said, “During the short period of 36 months that this government has been in power, they have borrowed over USD14.6 billion in foreign currency loans alone, the breakdown of which would be as follows – USD7.2 billion through the issue of Sri Lanka Development Bonds from January 2015 onward, USD3.6 billion from sovereign bonds issued in 2015 and 2017, USD2.2 billion through currency swap arrangements with India in 2015 and 2016, USD 1.7 billion through syndicated loans arranged through several international banks in 2016 and 2017 and USD1.5 billion from the IMF Extended Fund Facility in 2016. No previous government has borrowed so much money by way of foreign currency loans in such a short time.