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Part 4: Inability To Pay Loan-Traps, and Future Bankruptcy – A candid study and an action plan Economic and social development for Sri Lanka – By Professor Sunil J. Wimalawansa Would taking excessive (unnecessary) loans by Sri Lanka lead to bankruptcy? In 2002, Sri Lanka paid more than US $320 million as import duties to affluent countries.  While some European countries exported three to five times more than Sri Lanka, Norway paid only $125 million, and Switzerland paid $245 million in the same year.  Why such a discrepancy?  Such data illustrates how Sri Lanka is trapped in increasing its debt and widening its trade gap, partly due to the Western agenda but primarily due to greed, lack of familiarity with macroeconomics and proactive actions by lazy politicians.   Irrespective of the political party in power, the government must have a long-term, viable and sustainable national policy to develop the country, protect ...