Stiglitz urges Sri Lanka to cut its foreign debt -

World-renowned economist and Nobel laureate Prof Joseph Stiglitz on Thursday urged Sri Lanka to tackle its foreign debt crisis which was impeding growth.

Speaking at a high—powered economic forum in Colombo, he said that the assistance of the World Bank and other multilateral agencies should be sought to find ways of easing the debt problem. Stiglitz, during a panel discussion with Prime Minister Ranil Wickremesinghe and billionaire investor George Soros, suggested a tax on land and property to boost sagging tax revenues.

However this proposal was opposed by another panel of discussants in which Stiglitz did not take part. Sri Lanka says it is seeking the advise of international economists and experts to suggest a new development path for the country. (Bandula)

07th Jan 2016