Sri Lanka PM Declares Economic Collapse

Sri Lanka’s Ranil Wickremesinghe announced that their economy has collapsed and that they are unable to purchase fuel. 

“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,” said Wickremesinghe.

Wickremesinghe explained that Ceylon Petroleum Corporation currently has a $700m debt and that no one from the international community to give them fuel even for cash. 

“If steps had at least been taken to slow down the collapse of the economy at the beginning, we would not be facing this difficult situation today. But we lost out on this opportunity. We are now seeing signs of a possible fall to rock bottom,” Wickremesinghe added.

Sri Lanka already announced suspending repayment of $7 billion in foreign debt this year and that it is still waiting on the International Monetary Fund for a rescue package. 

Wickremesinghe has urged all citizens to avoid hoarding fuel and gas for three weeks, and that will try to provide fuel and food until everything has stabilized. 

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