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Sri Lanka's Economy Has Collapsed: Prime Minister - Foreign Affairs - Nairaland

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Sri Lanka's Economy Has Collapsed: Prime Minister by HolinessForever: 12:34pm On Jun 22
Sri Lanka: The country of 22 million people is struggling with its worst economic crisis in seven decades.

Sri Lanka's Prime Minister Ranil Wickremesinghe has said the country's economy has "completely collapsed", leaving it unable to pay for essentials such as oil imports.

It follows months of shortages of food, fuel, and electricity, and the realisation that even the credit lines from neighbouring India that have sustained the country so far will not be enough.

Mr Wickremesinghe told Sri Lanka's parliament: "We are now facing a far more serious situation beyond the mere shortages of fuel, gas, electricity and food.

"Our economy has completely collapsed
- that is the most serious issue before us today."

Mr Wickremesinghe said that the state-owned Ceylon Petroleum Corporation is $700m (£572m) in debt, adding: "As a result, no country or organisation in the world is willing to provide fuel to us.

"They are even reluctant to provide fuel for cash."


Sri Lanka has been struggling under the weight of its debt, combined with the impacts of the coronavirus pandemic, including a loss of tourism revenue and the rising cost of commodities.

Mr Wickremesinghe said that efforts to turn the situation around had failed, adding: "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."


Previous prime minister Mahinda Rajapaksa resigned in May after months of protests and clashes between government supporters and those demanding a change in leadership.

This brought veteran Mr Wickremesinghe to the role for a sixth time, in a move that opposition politicians said was aimed at protecting President Gotabaya Rajapaksa and his family from protesters' anger.


https://news.sky.com/story/amp/sri-lankas-pm-says-its-debt-laden-economy-has-collapsed-12638329

5 Likes 2 Shares

Re: Sri Lanka's Economy Has Collapsed: Prime Minister by Nurudeen06(m): 3:00pm On Jun 22
Oh

May God help them out embarassed

60 Likes 1 Share

Re: Sri Lanka's Economy Has Collapsed: Prime Minister by baralatie(m): 5:19pm On Jun 22
Lord have mercy!

17 Likes 2 Shares

Re: Sri Lanka's Economy Has Collapsed: Prime Minister by markidoo(m): 6:16pm On Jun 22
Chai, but I believe say e no collapse pass national grid, e no collapse pass unemployment for Nigeria, e no collapse pass the inflation on food items for the Nigeria, the good thing is that they have realized it. If and only if our leaders fit realize how collapsed we are as a country... maybe we for start to build from somewhere

130 Likes 4 Shares

Re: Sri Lanka's Economy Has Collapsed: Prime Minister by FalseProphet1(m): 6:16pm On Jun 22
These are the people that usually do De Rica tin tomatoes those days before other brands overshadowed them. Cos I know I use to see made in Sri Lanka on the tin. It's a pity.

Anyways they can higher Peter Obi to help them boost their economy till next year before our election so that it can boost his CV.

This I have seen.

214 Likes 9 Shares

Re: Sri Lanka's Economy Has Collapsed: Prime Minister by uchelouis45(m): 6:16pm On Jun 22
Y

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Re: Sri Lanka's Economy Has Collapsed: Prime Minister by Johnrake69: 6:17pm On Jun 22
People elected to solve problems are same ones complaining. So who is to solve the problems?

111 Likes 4 Shares

Re: Sri Lanka's Economy Has Collapsed: Prime Minister by Fira09(m): 6:17pm On Jun 22
Why Nigeria own is dead already.

20 Likes 1 Share

Re: Sri Lanka's Economy Has Collapsed: Prime Minister by kponkedenge(m): 6:17pm On Jun 22
This is the future of Nigeria if we don't get it right this time.

I'm just thinking how we are going to pay for all the billions of dollars Buhari borrowed during his tenure..... Money that is being currently looted with no tangible investment to repay in the long run.

Little wonder why World Bank stopped loaning money to Nigeria, and we decided to turn to China.

113 Likes 9 Shares

Re: Sri Lanka's Economy Has Collapsed: Prime Minister by Brendaniel: 6:17pm On Jun 22
Thanks to China, same way Buhari wants to collapse the Nigerian economy in partnership with China and Tinubu wants to continue from where he stops, we can stop this from happening.

Don't let Nigeria be like Sri-lanka, vote right, Vote Obi

80 Likes 2 Shares

Re: Sri Lanka's Economy Has Collapsed: Prime Minister by JosephXavier: 6:17pm On Jun 22
This exactly what Nigeria will witness in no distant time if we fail to get it right this 2023 election

Peter Obi is the only qualified candidate to reposition Nigeria on economic recovery and growth

Let's keep preaching the gospel of obi and keep being obidient because the hope is hrre

99 Likes 6 Shares

Re: Sri Lanka's Economy Has Collapsed: Prime Minister by KingOfTheDamned: 6:17pm On Jun 22
Nigeria next ... Imagine a country run entirely by Fulani undecided

President and vice president plus all senators and govenrors and ministers etc grin

That economy will reverse to stone ages ... grin

Their money will be so useless that people will be buying goods through trade by batter... grin

If you want a mtn 200 naira you have to let them finger bang your wife for 1 minute

If you want a satchet of hungry man indomie you have to offer like 10 maggi cubes plus a box of matches in exchange

Buhari would love such a country grin

19 Likes 1 Share

Re: Sri Lanka's Economy Has Collapsed: Prime Minister by hybrid77: 6:17pm On Jun 22
grin


Tinubu would sink this country. Get your PVC and vote for a stingy prudent candidate..

Structure and ethnicity has not helped us..

Im Urhobo and i am fully obedient

45 Likes 1 Share

Re: Sri Lanka's Economy Has Collapsed: Prime Minister by martinif: 6:17pm On Jun 22
Same here �
Re: Sri Lanka's Economy Has Collapsed: Prime Minister by RainValley: 6:17pm On Jun 22
Setting a very strong precedence for Nigeria if we fail to get a right...

This video will give you a breakdown of the cost of maintenance and spare parts of this vehicle and prepare you for some if the issues unique to this vehicle.


https://www.youtube.com/watch?v=ioR9P6gFNBM
Re: Sri Lanka's Economy Has Collapsed: Prime Minister by wwwtortoise(m): 6:17pm On Jun 22
shocked

This is what happens when one goes borrowing for consumption and not production.
It then gets to a point where lenders dodge you like a bullet same way China and EU are shying away from lending to Nigeria thereby forcing her to borrow internally from her CBN.

Then inflation kicks in . . .

8 Likes 3 Shares

Re: Sri Lanka's Economy Has Collapsed: Prime Minister by Moh247: 6:17pm On Jun 22
Post Covid 19 economic meltdown+ Ukraine vs Russia conflict

4 Likes

Re: Sri Lanka's Economy Has Collapsed: Prime Minister by donofdons: 6:18pm On Jun 22
Lol
Re: Sri Lanka's Economy Has Collapsed: Prime Minister by Sebastine1994(m): 6:18pm On Jun 22
This is what would happen with China as the defacto super power of the world.

China has Sri Lanka balls in it's firm grip, all the çountrys assets are now Chinese property, inshort íts now like a satellite town for China. Where they dump their excess population.

11 Likes 1 Share

Re: Sri Lanka's Economy Has Collapsed: Prime Minister by Kharol1234: 6:18pm On Jun 22
Na the same thing buhari wan do us but God pass am..

6 Likes

Re: Sri Lanka's Economy Has Collapsed: Prime Minister by ValCon888: 6:18pm On Jun 22
Nigeria in the future if we don't get it right today.

4 Likes

Re: Sri Lanka's Economy Has Collapsed: Prime Minister by SIMONEKPA7: 6:18pm On Jun 22
May Buhari not make our situation bad as this

2 Likes

Re: Sri Lanka's Economy Has Collapsed: Prime Minister by SHINJA: 6:18pm On Jun 22
KingOfTheDamned:
Nigeria next

Okoro becareful

2 Likes 1 Share

Re: Sri Lanka's Economy Has Collapsed: Prime Minister by kolnel: 6:18pm On Jun 22
I hope Naija doesn't get to that level.
Buhari has successfully taken naija back 30 years.
Any attempt to turn Aso rock into a nursing home should be resisted.
Say no to Buhari pro-max.
Say no to Tinubu.
A shaky man can't rule a shaky country.
Be OBIdient.

14 Likes 1 Share

Re: Sri Lanka's Economy Has Collapsed: Prime Minister by seborrhic: 6:18pm On Jun 22
Can't imagine the suffering there now.
The only little bright spot maybe that the population of 22million is not that big.
Imagine the economy of neighbouring India with a population of a billion plus, collapsing!

4 Likes

Re: Sri Lanka's Economy Has Collapsed: Prime Minister by OluwafuntoAK(f): 6:18pm On Jun 22
e don tey na
Re: Sri Lanka's Economy Has Collapsed: Prime Minister by Honoredeblazac: 6:18pm On Jun 22
Lol
Re: Sri Lanka's Economy Has Collapsed: Prime Minister by Schrodinger2(m): 6:18pm On Jun 22
My Sri Lankan colleague once hinted this.
Re: Sri Lanka's Economy Has Collapsed: Prime Minister by LongwayGone2021: 6:18pm On Jun 22
Okay
Re: Sri Lanka's Economy Has Collapsed: Prime Minister by Pootle: 6:18pm On Jun 22
the country name looks like their economy

2 Likes

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