‘Most troublesome time of our lives’: Sri Lanka PM addresses nation on financial disaster

Sri Lanka Prime Minister Ranil Wickremesinghe on Monday mentioned that the following couple of months would be the most troublesome ones owing to the present financial disaster.

“The next couple of months will be the most difficult ones of our lives. We must prepare ourselves to make some sacrifices and face the challenges of this period,” he mentioned in a televised handle to the nation.

1. The subsequent couple of months would be the most troublesome ones of our lives. I’ve no need to cover the reality and to misinform the general public. Although these information are disagreeable and terrifying, that is the true scenario. #SriLankaEconomicCrisis

— Ranil Wickremesinghe (@RW_UNP) May 16, 2022

“I have no desire to hide the truth and to lie to the public. Although these facts are unpleasant and terrifying, this is the true situation. For a short period, our future will be even more difficult than the tough times that we have experienced. We will face considerable challenges and adversity. However, this period will not be long,” he added.

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Wickremesinghe additionally mentioned that his purpose is to avoid wasting the crisis-hit nation, and never an individual, household or group, in a reference to the politically-influential Rajapaksa household.

“The estimated government expenditure for this year is SLR 3.3 trillion. However, due to the increase in interest rates and additional expenditure of the former government, the total government expenditure is SLR 4 trillion. The budget deficit for the year is SLR 2.4 trillion. This amount equals 13% of the GDP,” he mentioned.

The United National Party (UNP) chief was appointed as Sri Lanka’s new prime minister after Mahinda Rajapaksa resigned from the submit following violence that erupted after a conflict between pro- and anti- authorities protesters.

Speaking in regards to the crumbling financial system, the 73-year-old chief mentioned the finance ministry is discovering it troublesome to boost USD 5 million required to import gasoline.

“At the moment, we only have petrol stocks for a single day. Due to the diesel shipment that arrived yesterday, the lack of diesel will be resolved to some extent. There is a possibility that inflation will increase further,” he mentioned.

For now, a aid price range will probably be launched to switch the 2022 Development Budget. PM Wickremesinghe additionally proposed to privatise SriLankan Airlines, a loss-making entity at current.

President Gotabaya Rajapaksa, who has refused to stop, appointed a brand new Prime Minister and a younger cabinet final week which might introduce key constitutional reforms to curb his powers, amid protests that killed eight individuals leaving over 200 injured.