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Sri Lanka PM says debt-laden economy 'has collapsed,' unable to buy oil

Sri Lanka's prime minister says its debt-laden economy has collapsed after months of shortages of food, fuel and electricity

Ranil Wickremesinghe  | sri lanka | Economic Crisis

AP  |  Colombo 

Sri Lanka crisis

Sri Lanka's prime minister says its debt-laden has collapsed after months of shortages of food, fuel and electricity.

Prime Minister told Parliament on Wednesday that the South Asian country is facing a far more serious situation beyond the mere shortages of fuel, gas, electricity and food. Our has completely collapsed.

Wickremesinghe is also the finance minister tasked with stabilizing the . He said 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 and that We are now seeing signs of a possible fall to rock bottom.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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First Published: Wed, June 22 2022. 14:48 IST