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Sri Lanka’s Economy Has ‘Collapsed,’ Prime Minister Says

  • Country moots summit with India, China, Japan to secure aid
  • Nation unable to purchase imported fuel, even for cash
Ranil Wickremesinghe 
Ranil Wickremesinghe Photographer: Buddhika Weerasinghe/Bloomberg

Sri Lanka’s economy has “completely collapsed” and an agreement with the International Monetary Fund is the only path to revival, Prime Minister Ranil Wickremesinghe told the parliament on Wednesday. 

“We are now facing a far more serious situation beyond mere shortages of fuel, gas, electricity and food,” Wickremesinghe said, adding that the South Asian nation is unable to purchase imported fuel, even for cash, due to heavy debts owed by its petroleum corporation. “We are now seeing signs of a possible fall to rock bottom.”