Sri Lankan PM says says economy has collapsed, will hold talks with IMF for additional credit
Sri Lanka's economy has "completely collapsed" and an agreement with international monetary funds is the only way to the resurrection, Prime Minister Ranil Wickremesinghe told parliament on Wednesday.
We now face a far more serious situation beyond lack of fuel, gas, electricity, and food," said Wickremesinghe, added that the South Asian country could not buy imported fuel, even for cash, because of the heavy debt owned by the company Oil. "We now see signs of the possibility of falling down."
Gloom analysis came when the authorities held talks with a lending based in Washington for an agreement for new funds to a bankrupt country. Sri Lanka needs $ 6 billion in the coming months to support her reserves, pay balloon import bills and stabilize her currency.
Sri Lanka has ended the initial d...