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Prime Minister (PM) Sri Lanka Ranil Wickremesinghe admits that the country is bankrupt. He called the acute suffering of economy Crysis will still be felt at least until the end of 2023.
As reported AFPTuesday (5/7/2022), Sri Lanka, with a population of 22 million, was hit by months of inflation and prolonged power outages after the government ran out of foreign currency to import vital goods.
Wickremesinghe said Sri Lanka, once a prosperous country, will experience a deep recession this year and acute shortages of food, fuel and medicine will continue.
“We also have to face difficulties in 2023,” Wickremesinghe told Sri Lanka’s parliament on Tuesday (5/7) local time.
He said that talks on a bailout for Sri Lanka were still ongoing with International Monetary Fund (IMF) will depend on finalizing a debt restructuring plan with creditors in August.
“We are now participating in the negotiations as a bankrupt country,” Wickremesinghe said in a statement.
“Due to the bankruptcy situation our country is in, we have to submit a debt sustainability plan to them separately. Only when (IMF) is satisfied with the plan can we reach an agreement,” he added.
Watch the video ‘Long Queue of Sri Lankans to Get BBM’:
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