Sri Lanka’s PM Ranil Wickremesinghe announces that the country's economy has “collapsed” after months of shortages of food, fuel and electricity, and Colombo cannot even purchase imported oil
South Asian island nation's Prime Minister Ranil Wickremesinghe said that the country is"facing a far more serious situation beyond the mere shortages of fuel, gas, electricity and food".
Sri Lanka’s prime minister has announced that the country's debt-laden economy has “collapsed” after months of shortages of food, fuel and electricity, and the country cannot even purchase imported oil. "Our economy has completely collapsed. That is the most serious issue before us today,” Wickremesinghe, who is also the finance minister tasked with stabilising the economy, said.
The country has been muddling through, mainly supported by $4 billion in credit lines from neighbouring India. But Wickremesinghe said India would not be able to keep Sri Lanka afloat for too long.“Currently, the Ceylon Petroleum Corporation is $700 million in debt," Wickremesinghe told lawmakers.
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