Economy World

Sri Lanka’s premier says its debt-laden economy has ‘collapsed’

Sri Lanka's Prime Minister Ranil Wickremesinghe has said the country's economy has collapsed, leaving it unable to pay for essentials such as oil imports.

Sri Lanka’s Prime Minister Ranil Wickremesinghe has said the country’s economy has “collapsed”, leaving it unable to pay for essentials such as oil imports.

It follows months of shortages of food, fuel, and electricity, and the realisation that even the credit lines from neighbouring India that have sustained the country so far will not be enough.

Prime Minister Ranil Wickremesinghe told Sri Lanka’s parliament: “We are now facing a far more serious situation beyond the mere shortages of fuel, gas, electricity and food.

“Our economy has completely collapsed. That is the most serious issue before us today.”

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