Sri Lanka Crisis: Sri Lanka's economy has collapsed, will have to talk to IMF for additional debt: PM Wickremesinghe

Sri Lanka Crisis: Sri Lanka's economy has collapsed, will have to talk to IMF for additional debt: PM Wickremesinghe

Sri Lankan Prime Minister Ranil Wickremesinghe while addressing Parliament has said that the country is facing the worst economic crisis since independence. There is a severe shortage of essential commodities like food, medicine, and cooking gas here. Financial assistance given by India is not a charitable donation. There should be a plan to repay these loans. He said that a loan of US $ 4 billion has been taken from India. We have requested India to give more loans, but that too will not be able to support us continuously like this. It also has its limits.

The IMF team reached Sri Lanka on Monday

It is necessary to revive the country's economy, Wickremesinghe said Sri Lanka is now facing a much more dire situation than a shortage of fuel, gas, electricity, and food. This can be solved only by reviving the economy of the country. To do this, first of all, the crisis of foreign exchange reserves has to be resolved. The only hope now is from the International Monetary Fund. Sri Lanka's total external debt is US$51 billion.

Indian Delegation to Sri Lanka Today A delegation of the Government of India led by Chief Economic Adviser V. Ananth Nageswaran will reach Sri Lanka on Thursday to assess the economic situation. It will assess the financial needs there. The delegation will stay there for about three hours. During this, he will also have talks with the Prime Minister and the President there. Amidst the poor economic condition of Sri Lanka now dependent on government aid for food, the citizens of Sri Lanka are facing many problems at once.

Miraj Madushanka, who once led a very good life, is among those who have forgotten the luxurious life and are now dependent on government assistance for two times' bread. There are innumerable families who are struggling to save lives amid the looming economic crisis. Families who never had to think about fuel or food, now worry about it all day.

The Sri Lankan Prime Minister also highlighted the debt restructuring plan with the IMF. "We will do our best to work with the teams at Lazard and Clifford Chance to complete the outline of this plan before the end of July," he said.

Taking into account this planned framework and the official level agreement, it is expected that the IMF's Executive Board will reach its final decision. Representatives for financial and legal advisory firms Lazard and Clifford Chance are now in Sri Lanka. Wickremesinghe said a debt repayment restructuring framework is being worked out to assist us in our debt restructuring efforts.

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Sri Lanka is facing an economic crisis and wants to buy oil from Russia, two ministers will visit Russia

Sri Lanka is facing an economic crisis and wants to buy oil from Russia, two ministers will visit Russia

Troubled Sri Lanka is exploring options to buy oil from Russia. A senior minister said on Sunday. Sri Lanka is desperate to replenish its dwindling fuel stocks amid an unprecedented economic crisis due to a severe shortage of foreign exchange reserves. On Sunday, the price of petrol was hiked by LKR 50 and diesel by LKR 60 respectively, which is the third price revision in two months.

State-owned refinery Ceylon Petroleum Corporation on Saturday informed the Sri Lankan government that the move was necessitated after the arrival of fuel shipments was delayed due to banking and logistical reasons. Given the dire scenario, Sri Lanka's Minister of Power and Energy Kanchana Wijesekera stressed that the government is exploring options to buy oil from Russia. He said, “We are looking for diplomatic channels. The last ship to arrive was a Russian ship."

Two ministers to visit Russia on Monday
Wijesekera said on Sunday that our first letter of credit was rejected by international banks because the ship was owned by a Russian company. He said the two ministers are scheduled to visit Russia on Monday to discuss fuel and other diplomatic matters. Let us tell you that last week, the Sri Lankan government approached several companies suggested by the Russian Embassy in Colombo for the purchase of crude oil.

"Meanwhile, the government has also decided to implement a token system for the supply of fuel to the people waiting in the queue at the filling station," Wijesekera said. The minister said, “This program will be implemented from Monday, for which the government has sought the help of the soldiers from the police and the army.”

shortage of essentials in Sri Lanka
Sri Lanka is facing the worst economic crisis since independence in 1948, due to which food, medicine, cooking gas, and fuel are being sold across the country. There has been a severe shortage of essential commodities like

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