Colombo: React Sri Lanka Government temporarily suspends payment of all foreign loans, ex-Prime Minister Ranili Wickremesinghe Said that this will put more pressure on the banking sector in the country.
Addressing the nation on the eve of Sinhala and Tamil New Years, Wickremesinghe said, “Sri Lanka is unable to repay the loan of USD 200 million next week. The government has decided to suspend all external loan repayments. There will be more pressure on India. Banking sector in the country.”
“The decision is a government announcement that the country has gone bankrupt. Now the onus is on the new finance minister to visit Washington and discuss the current situation with the IMF,” he said.
Demanding the government to take responsibility for the country’s bankruptcy, the former PM said, “By mid-May, the Indian credit line will be exhausted. By June, private businesses will not be able to operate due to lack of foreign exchange. He should take full responsibility for the bankruptcy of the country.”
He further said that the government should now include all other political parties without any condition. “In the last week ParliamentWe on behalf of the opposition apologized to the public for failing them. However, at this time elections or constitutional amendments will not solve the crisis in the country.”
“After consultations with the government and a plan is drawn up, the conditions can be relaxed. It is our responsibility to give equal hearing to all,” he said.
Wickremesinghe further asked the government to follow the example of Lebanon. “In Lebanon, the IMF agreement was dependent on being tabled in Parliament for their approval. It should happen in Sri Lanka as well. We are in a very difficult position. We are ending the year as a bankrupt country,” he said. .
“However, we can solve this crisis. To do so will take a national effort. We will face a difficult period, but we have to face it. We can overcome this crisis and strengthen our economy.” But it can be done only if we work together and make a plan,” he said.
Expressing hope for better days, the former PM said the country would end this year as a bankrupt nation, but the new year would begin with a new journey. Wishing people a Happy New Year, he said, “This can be done only when everyone joins together. I wish you and your loved ones a Happy Sinhala and Tamil New Year.”
Notably, the Sri Lankan government has temporarily suspended the payment of its foreign debts.
According to an interim policy issued by the Ministry of Finance regarding repayment of the country’s external public debt, the government has declared that it is in default on its USD 51 billion foreign debt. International Monetary Fund (IMF).
Meanwhile, protests intensified in Colombo on Tuesday against the Sri Lankan government amid the ongoing economic crisis despite the Prime Minister. Mahinda RajapakseThere is an appeal to the people to be patient so that the government can resolve the situation.
The island nation is facing its worst economic crisis since independence, with food and fuel shortages, rising prices, and power cuts affecting a large number of people in the island nation, resulting in the government’s decision to deal with the situation. There have been massive protests.
Addressing the nation on the eve of Sinhala and Tamil New Years, Wickremesinghe said, “Sri Lanka is unable to repay the loan of USD 200 million next week. The government has decided to suspend all external loan repayments. There will be more pressure on India. Banking sector in the country.”
“The decision is a government announcement that the country has gone bankrupt. Now the onus is on the new finance minister to visit Washington and discuss the current situation with the IMF,” he said.
Demanding the government to take responsibility for the country’s bankruptcy, the former PM said, “By mid-May, the Indian credit line will be exhausted. By June, private businesses will not be able to operate due to lack of foreign exchange. He should take full responsibility for the bankruptcy of the country.”
He further said that the government should now include all other political parties without any condition. “In the last week ParliamentWe on behalf of the opposition apologized to the public for failing them. However, at this time elections or constitutional amendments will not solve the crisis in the country.”
“After consultations with the government and a plan is drawn up, the conditions can be relaxed. It is our responsibility to give equal hearing to all,” he said.
Wickremesinghe further asked the government to follow the example of Lebanon. “In Lebanon, the IMF agreement was dependent on being tabled in Parliament for their approval. It should happen in Sri Lanka as well. We are in a very difficult position. We are ending the year as a bankrupt country,” he said. .
“However, we can solve this crisis. To do so will take a national effort. We will face a difficult period, but we have to face it. We can overcome this crisis and strengthen our economy.” But it can be done only if we work together and make a plan,” he said.
Expressing hope for better days, the former PM said the country would end this year as a bankrupt nation, but the new year would begin with a new journey. Wishing people a Happy New Year, he said, “This can be done only when everyone joins together. I wish you and your loved ones a Happy Sinhala and Tamil New Year.”
Notably, the Sri Lankan government has temporarily suspended the payment of its foreign debts.
According to an interim policy issued by the Ministry of Finance regarding repayment of the country’s external public debt, the government has declared that it is in default on its USD 51 billion foreign debt. International Monetary Fund (IMF).
Meanwhile, protests intensified in Colombo on Tuesday against the Sri Lankan government amid the ongoing economic crisis despite the Prime Minister. Mahinda RajapakseThere is an appeal to the people to be patient so that the government can resolve the situation.
The island nation is facing its worst economic crisis since independence, with food and fuel shortages, rising prices, and power cuts affecting a large number of people in the island nation, resulting in the government’s decision to deal with the situation. There have been massive protests.