SRI LANKAN PM RANIL WICKREMESINGHE HAS THIS ONLY WAY LEFT TO SAVE SRI LANKA

New Delhi (The Quiver) :Sri Lanka’s economy has “completely collapsed” . Prime Minister Ranil Wickremesinghe attempting every possible way to save the country from collapsing and to somehow relax the stressful situation of the country.

On Wednesday, Prime Minister Ranil Wickremesinghe told the parliament that an agreement with the International Monetary Fund is the only path to revival. “We are now facing a far more serious situation beyond mere shortages of fuel, gas, electricity and food,” Wickremesinghe said, adding that the South Asian nation is unable to purchase imported fuel, even for cash, due to heavy debts owed by its petroleum corporation.

“We are now seeing signs of a possible fall to rock bottom.”The authorities held talks with the Washington-based lender for an agreement for fresh funds to the bankrupt nation. Sri Lanka needs $6 billion in coming months to prop up its reserves, pay for ballooning import bills and stabilize its currency.Sri Lanka has concluded the initial discussions with the IMF, and exchanged ideas on public finance, debt sustainability, banking sector and social security, Wickremesinghe said. “We intend to enter into an official level agreement with the IMF by the end of July,” he added.Authorities also plan to hold a credit aid conference with friendly nations, including India, Japan and China, for further assistance.Sri Lanka has failed to manage the worst economic crisis it faced in its independent history. Lingering shortages of food, fuel and essentials risk intensifying protests which may hamper political stability further if the ongoing crisis is not managed.