Sri Lanka’s economy has ‘collapsed,’ Prime Minister says

22/6/2022 6:28:00 PM

Sri Lanka’s economy has ‘collapsed,’ Prime Minister says - Bloomberg

Sri Lanka’s economy has ‘collapsed,’ Prime Minister says - Bloomberg

(June 22): 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

(June 22): 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.”

Read more:
The Edge Malaysia »

Clearing the cancer doubts before the snip

Dear Dr. G, I am in my late thirties and have a fear of becoming a father again. Read more >>

Crisis-hit Sri Lanka plans donor conference, interim budget in AugustCOLOMBO, June 22 — Sri Lanka will call China, India and Japan to a donor conference to drum up more foreign assistance and present an interim budget in August, the prime minister...

Crisis-hit Sri Lanka plans donor conference, interim budget in AugustCOLOMBO, June 22 — Sri Lanka will call China, India and Japan to a donor conference to drum up more foreign assistance and present an interim budget in August, the prime minister...

Muhyiddin says still waiting to meet PM over Zuraida’s replacementKUALA LUMPUR: Tan Sri Muhyiddin Yassin says he is still waiting to meet Prime Minister Datuk Seri Ismail Sabri Yaakob to discuss Datuk Zuraida Kamaruddin's replacement in the Cabinet. Whaaat aa Pity🥺 Pm scared to meet. He is in hiding. Whoops you are no longer PM

B40 families to get additional cash assistance | The Malaysian InsightPrime minister says recipients will be paid together with the BKM phase 2 payment.

Muhyiddin says still waiting to meet PM over Zuraida’s replacementKUALA LUMPUR, June 21 — Bersatu president Tan Sri Muhyiddin Yassin is still waiting to meet Prime Minister Datuk Seri Ismail Sabri Yaakob to discuss Datuk Zuraida Kamaruddin’s... Tulis surat la bodo. PM taknak tengok muka lebam ko tu PM IsmailSabri60 , bagi lah jawatan tu kepada golong professional dan bukan politician. Tak de undang undang kata Menteri mesti dari org org dari Parliament. . Masa untuk negara ini di tadbirkan oleh golongan professional. MuhyiddinYassin Kau je la gantikan Zuraida tu. Khianat rakan dan mandat rakyat hanya sebab nak jadi PM, satu apa pun tak ada sekarang.

PM: Govt still retaining RM4bil subsidy for cooking oilThe government is still maintaining its subsidy for cooking oil worth RM4bil, says Prime Minister Datuk Seri Ismail Sabri Yaakob. Read more:

A (June 22): 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.for the latest news you need to know.for the latest news you need to know.The Bersatu president said the matter was still not resolved though it had been over two weeks since the Plantation Industries and Commodities Minister announced she was quitting the party.

“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. The island nation of 22 million people is struggling with its worst economic crisis in seven decades, unable to import essentials including food, fuel and medicines because of a severe shortage of foreign exchange.” The gloomy analysis comes as authorities hold talks with the Washington-based lender for an agreement for fresh funds to the bankrupt nation. An interim budget will be presented in August, seeking to put public finances on a more sustainable path and increase funds to the poor who have been hardest hit, Prime Minister Ranil Wickremesinghe told parliament. Sri Lanka needs US$6 billion in coming months to prop up its reserves, pay for ballooning import bills and stabilize its currency. “The interim budget will set the path forward. Sri Lanka has concluded the initial discussions with the IMF, and exchanged ideas on public finance, debt sustainability, banking sector and social security, Wickremesinghe said.but it has not been conveyed to the Prime Minister because I have not been able to meet him personally.

“We intend to enter into an official level agreement with the IMF by the end of July,” he added. In late May, Wickremesinghe had told Reuters he would present an interim budget within six weeks, cutting government spending down “to the bone”. In late May, Wickremesinghe had told Reuters he would present an interim budget within six weeks, cutting government spending down “to the bone”. Authorities also plan to hold a credit aid conference with friendly nations, including India, Japan and China, for further assistance. Sri Lanka has failed to halt the worst economic crisis it faced in its independent history. “We need the support of India, Japan and China who have been historic allies. Lingering shortages of food, fuel and essentials risk intensifying protests and may hamper political stability further. We plan to convene a donor conference with the involvement of these countries to find solutions for Sri Lanka’s crisis,” Wickremesinghe told parliament. On Tuesday, Hamilton Reserve Bank Ltd, which holds more than US$250 million of Sri Lanka’s 5. “We will also seek help from the US,” he said, adding that his administration will use US$70 million (RM308 million) from the World Bank for buying cooking gas, which has been in short supply, setting off sporadic protests. "The Prime Minister may appoint Zuraida for any position, that is his right but don’t take Bersatu’s quota.

875% International Sovereign Bonds due July 25, filed a suit in a New York federal court seeking full payment of principal and interest after the country defaulted last month. Subscribe to Mid-day email alert We deliver news to your inbox daily . India has so far provided around US$4 billion worth of assistance, the prime minister said, including a US$400 million swap and credit lines totalling US$1. India has so far provided around US$4 billion worth of assistance, the prime minister said, including a US$400 million swap and credit lines totalling US$1.