Sri Lankan economy ‘completely collapsed’, Prime Minister says

Sri Lankan economy ‘completely collapsed’, Prime Minister says

Sri Lanka’s Prime Minister says its debt-laden economy has “collapsed” after months of shortages of food, fuel and electricity.

Ranil Wickremesinghe told parliament the South Asian country is “facing a far more serious situation beyond the mere shortages of fuel, gas, electricity and food”.

“Our economy has completely collapsed,” he said.

Wickremesinghe is also the Finance Minister tasked with stabilizing the economy. He said Sri Lanka is unable to purchase imported fuel, even for cash, due to heavy debts owed by its petroleum corporation.

He said the government missed out on the chance to turn the situation around.

“We are now seeing signs of a possible fall to rock bottom,” he said.

More to come.

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