"Our economy has completely collapsed, reluctant provision of fuel even against cash": Sri Lankan PM
The paramount task in the hands of the current dispensation of the Sri Lankan government is to look for stable sources of regular inflow of cash.
New Delhi: After being witness to months of outrage and demonstration amidst the political turmoil in Sri Lanka, which was ignited following the months of shortages of food, fuel and electricity.
Prime Minister Ranil Wickremesinghe has announced that the nation is "facing a far more serious situation beyond the mere shortages of fuel, electricity, and food. Our economy has completely collapsed'.
Following the adoption of a new Prime Minister, Sri Lankans received a message amidst the downfall of their economy. Wickremesinghe's assertion of handling the grave downfall of the economy is now being projected as the inheritance of a paramount task with no immediate solutions which can be implemented.
The economy is under humongous debts and change of policies is not going to be of any short-term relief. They are still looking for financial assistance from global stake holders, which in the first place s among one of the key causes which led to this collapse of the Sri Lankan economy.
Wickremesinghe said that Sri Lanka is so debt-ridden that it makes it impossible for the the country to even import fuel from foreign sources, not even against cash. He said that the largest stakeholders of this debt are petroleum corporations.
While addressing the lawmakers of the country, he said, "Currently Ceylon Petroleum Corporation is $700 million in debt. As a result, no country or organization in the world is willing to provide fuel to us. They are even reluctant to provide fuel for cash."
The paramount task in the hands of the current dispensation of the Sri Lankan government is to look for stable sources of regular inflow of cash if they want to bring stability in both the Sri Lankan economy and the lives of the common people of the island nation.
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