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Sri Lanka’s economy has ‘completely collapsed’, says PM Ranil Wickremesinghe

COLOMBO – Sri Lan

kan Prime Minister Ranil Wickremesinghe said that the economy of the island nation has “completely collapsed” and it is even unable to buy imported oil amid prevailing shortages of food, fuel and electricity.

The premier, who took the office after violent protests over the economic crisis forcer his predecessor Mahinda Rajapaksa to step down, revealed it while addressing the Parliament on Wednesday. He said that the situation was a far more serious than shortages alone

He warned of “a possible fall to rock bottom” as the country with 22 million population is seeking emergency assistance from global lenders.

Wickremesinghe, who also holds the portfolio of finance minister, seems to be falling short of his promise to put the economy on track as he is slamming the previous government for inaction to tackle the dwindling reserves.

He told parliament that he inherited a difficult task and it would take time to be fixed as the South Asian country is facing heavy debts, decline in tourism revenue and economic fallout of the Covid-19 pandemic.

Meanwhile, lawmakers from the two main opposition parties have announced to boycott the parliament this week in a protest against PM Wickremesinghe as he has failed to deliver on his promises.

Sri Lanka has received $4 billion in credit lines from India. But the prime minster is of the view that the neighbouring country would not be able to keep Sri Lanka afloat for long.

Courtesy: Daily Pakistan

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