Prime Minister Ranil Wickremesinghe said Sri Lanka is unable to purchase imported fuel, even for cash, due to heavy debt owed by its petroleum corporation.
Colombo, Sri Lanka
Women wait in a queue to buy kerosene in in Colombo, Sri Lanka, Saturday, June 11, 2022. Sri Lanka's economic crisis, the worst in its history, has completely recast the lives of the country's once galloping middle class.While Sri Lanka's crisis is considered its worst in recent memory, Wickremesinghe's assertion that the economy has collapsed did not cite any specific new developments.
"Currently, the Ceylon Petroleum Corporation is $700 million in debt," he told lawmakers."As a result, no country or organization in the world is willing to provide fuel to us. They are even reluctant to provide fuel for cash." "If steps had at least been taken to slow down the collapse of the economy at the beginning, we would not be facing this difficult situation today. But we lost out on this opportunity. We are now seeing signs of a possible fall to rock bottom," he said.
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