Money printing has to stop by next year: PM

• We ourselves have to find solutions and come out of it
• “Even if there were Dollars, you won’t have fuel to buy” 

Prime Minister Ranil Wickremesinghe yesterday said that by next year we will have to completely stop money printing as inflation is too high.

Speaking to Editors and News Editors at the Prime Minister’s office, he said that the country was facing an unprecedented economic issue similar to what was faced in the late 19th century due to the collapse of the coffee plantations. He said at that time, it was only felt in the main cities of Colombo, Galle and Kandy as the majority of the population were living in rural areas. However, he said the present crisis is felt equally across the country.  
He said that we ourselves have to find solutions and come out of it as no one else would be able to take us out of it. He said there is also a world fuel crisis as the European countries too are buying mostly from the Middle Eastern petroleum market as a result of the issues surrounding Russian oil supplies to Europe due to the Ukraine war.  
He said that the Indians have told him “even if there were Dollars you won’t have fuel to buy” and the world petroleum market has become a “sellers market and not a buyers’ market.”  

He said that confidence in the economy has to be created gradually so that there would be more Dollar inflows.