Sri Lanka's prime minister says the country needs at least $7 billion over the next six months to pay for essential goods like food, fuel and fertiliser as it faces its worst economic crisis in more than 70 years.
Sri Lanka's prime minister says the country will need at least $US5 billion over the next six months if it is to continue paying for essential items like food, fuel and fertiliser.Sri Lanka is facing its worst economic crisis in more than 70 years, and in May defaulted on its debt repayments
The government is negotiating a loan package from the IMF and other lenders to get it through the next six monthsPrime Minister Ranil Wickremesinghe made the comments in a speech to parliament on Tuesday as the island nation faced its worst economic crisis in seven decades. The crisis and debt default in May led to a shortage of foreign exchange that stalled imports of essential items such as fuel, medicine and fertiliser,To tide over the turmoil, Sri Lanka will need about $4.6 billion for fuel imports, $US900 million for food, $US250 million for cooking gas and $US600 million more for fertiliser this year.
The central bank has estimated the economy will contract by 3.5 per cent in 2022, Mr Wickremesinghe said, but he added he was confident growth could return with a strong reform package, debt restructuring and international support."Only establishing economic stability is not enough, we have to restructure the entire economy," said Mr Wickremesinghe, who is working on an interim budget to balance battered public finances.
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