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Last Updated : 2024-05-13 16:11:00
12 April 2022 07:22 am - 13 - {{hitsCtrl.values.hits}}
Former Prime Minister and United National Parliamentarian Ranil Wickremesinghe warned that Sri Lanka could run out of fuel in the second week of May or later in the month, after the current Indian credit line is exhausted, plunging the country further into darkness and economic abyss.
Wickremesinghe painted a gloomier outlook for the country and its economy in the period ahead, speaking over the phone to CNBC Television last morning, to comment about the worsening economic and political crisis in Sri Lanka.
He said he does not expect any further bilateral assistance to Sri Lanka from India, as the latter had extended its highest ever financing support to a single country.
From the start of the year, India has extended Sri Lanka a combined financial assistance up to US $ 2.4 billion by way of a debt deferment, swap lines, a credit line and a term loan worth of US $ 1 billion.
Instead of relying on one single country for bail out, Wickremesinghe proposed to formulate a multi-country group consisting of India, China, Japan, South Korea and European partners, to negotiate financial support to build dollar liquidity, which is fast running out, to keep the imports flowing.
If not, he warned that the entire private sector could come to a grinding halt from June onwards.
Sri Lanka has a US $ 1.0 billion sovereign bond waiting to be settled in July and the authorities are formulating technical teams to negotiate with the creditors for an orderly default of the coming bond, as the country’s reserves have run thin.
By March-end, Sri Lanka’s external reserves fell to US $ 1.9 billion, roughly sufficient for about a month of imports but the usable reserves are only a fraction of the headline reserves.
Meanwhile, the country has already begun negotiations with the International Monetary Fund (IMF) for programme support as well as debt restructuring. A team consisting of the new finance minister and new Central Bank governor are expected to fly to Washington D.C. this week to hold talks with the IMF.
Sandy Tuesday, 12 April 2022 08:53 AM
You better run out of this country
MirakRajBanda Tuesday, 12 April 2022 09:02 AM
Mattala Airport, Hambantota Harbour, Lotus Tower, Multi billion dollar highways that connect Hammbayatota all at full swing, raining in millions of dollars everyday. That was the picture given and in reality they cannot yied a single dollar combined. Tell youe buddy #Gota GoHome. #MahindaSucks
Benjamin Tuesday, 12 April 2022 09:09 AM
The margin of error on your soothe saying is 100%
Priyanee Wijesekera Tuesday, 12 April 2022 09:11 AM
If the voters of Sri Lanka elected you to lead the country we would not have been in this tragic situation.
Cutious Tuesday, 12 April 2022 10:55 AM
Sri Lankan including the so called intellectuals were all sedated with blind nationalism. Now pay the price
Retire Tuesday, 12 April 2022 09:22 AM
How come you have not run out of fuel yet?
ravini Tuesday, 12 April 2022 11:00 AM
Country needs fresh thinking... You are part of the current problem.
Fox Tuesday, 12 April 2022 11:52 AM
You old folks should quit and get lost.. power hungry dogs ruined this country.. enough !
Bond Tuesday, 12 April 2022 01:59 PM
Then bring back the money you
Jeewaka Katugedara Wednesday, 13 April 2022 02:39 AM
You are main Satan of the current situation. Go away please!
Anura Wednesday, 13 April 2022 06:39 AM
You have run out of fuel and Just bugger off u rat
Man Wednesday, 13 April 2022 07:15 AM
Why Ranil opposes re-structuring the paying back of loans? Absurd ally.
Lanka Saturday, 16 April 2022 07:47 PM
You are " part of the problem".....
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