/ 18 May 2022

Sri Lanka’s running on empty

Image source: Getty
Image source: Getty

Newly installed PM Ranil Wickremesinghe says his nation is down to its last day of petrol as it faces its worst economic crisis in more than 70 years. In a televised address, he said the nation urgently needs US$75 million in foreign currency in the next few days to pay for essential imports, and they will have to print money to pay government wages. They are moves he says he’s making “against my own wishes.” Wickremesinghe is also considering selling off state-owned Sri Lankan Airlines. “The next couple of months will be the most difficult ones of our lives,” he said. Sri Lanka’s economy is sagging under the weight of the pandemic, rising energy prices, and populist tax cuts. And its shortage of foreign currency and soaring inflation have led to a severe shortage of medicines, fuel and other essentials. Former PM Mahinda Rajapaksa resigned last week and his brother, President Gotabaya Rajapaksa, is under pressure to go. The Rajapaksa family has ruled the country for most of the past 2 decades, and it’s not in good nick. 

Know someone who'd be interested in this story? Click to share...

The Squiz Today

Your shortcut to being informed, we've got your news needs covered.

Get the Squiz Today newsletter

Quick, agenda-free news that doesn't take itself too seriously. Get on it.