Daily Management Review

Sri Lanka: Our economy is ruined


Collapse of the nation's economy, according to Sri Lankan Prime Minister Ranil Wickremesinghe, is the government's most pressing issue.

Nazly Ahmed
Nazly Ahmed
Sri Lanka is going through its biggest economic crisis since gaining independence in 1948.

In mid-April, Sri Lankan authorities declared a temporary default on its external debt in anticipation of restructuring obligations as part of an economic adjustment package endorsed by the IMF. The island country owes an estimated $51 billion in foreign debt.

"In addition to shortages of food, gasoline, gas, and power, we now confront a much direr scenario. Our country's economy is in shambles. The most significant issue we are currently facing is this," Wickremesinghe stated in Parliament, according to Economic Times.

"No nation or organization in the world is willing to give us gasoline," said Wickremesinghe, who also pointed out that the government-owned Ceylon Petroleum Corporation is $700 million in debt.

source: reuters.com