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‘Economy Has Collapsed, Unable To Buy Oil’: Sri Lankan PM Wickremesinghe

He said that he will hold discussions with the IMF to be able to obtain additional credit facility.

Published
World
2 min read
‘Economy Has Collapsed, Unable To Buy Oil’: Sri Lankan PM Wickremesinghe
i

Sri Lanka’s Prime Minister Ranil Wickremesinghe said on Wednesday, 22 June, that the crisis-hit economy has ‘collapsed’ after months of shortages of food and fuel and that the South Asian island nation is now unable to purchase oil.

He said that he will hold discussions with the International Monetary Fund (IMF) to be able to obtain additional credit facility.

According to a report by Associated Press, the prime minister addressed the Parliament on Wednesday and said,

“We are now facing a far more serious situation beyond the mere shortages of fuel, gas, electricity and food. Our economy has completely collapsed. That is the most serious issue before us today.”

The island nation is experiencing a multidimensional economic crisis, which is compounded by food insecurity, rising protection concerns ,and shortages threatening lives and livelihoods.

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Talks With IMF 'Our Only Option': PM Wickremesinghe

PM Wickremesinghe said that a team of IMF arrived in Sri Lanka on Monday. He added that talks with the IMF is “only safe option.” He said, “In fact, this is our only option. We must take this path,” as per ANI.

Wickremesinghe added that foreign reserves have dwindled as the government failed to act in time to slow down the collapse of the economy.

“Currently, the Ceylon Petroleum Corporation is $700 million in debt. As a result, no country or organisation in the world is willing to provide fuel to us. They are even reluctant to provide fuel for cash,” he said.

Wickremesinghe said that if steps were taken at the beginning, then the economy would not be facing the situation today.

The economy is seeing signs of a “possible fall to rock bottom,” said the PM.

The Sri Lankan PM also urged lawmakers to offer any “better solutions” available. He said, “In fact, if you are in possession of a practical and more favourable plan for the country, we call on you to put it forward.”

(With inputs from Associated Press and ANI)

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Edited By :Ahamad Fuwad
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