Sri Lanka Bankruptcy and Will Linger Until The Year 2023

Prime Minister Ranil Wickremesinghe of Sri Lanka admits bankruptcy.

SRI LANKA – Prime Minister Ranil Wickremesinghe admits bankruptcy as the people of the country continue to suffer.

The island nation Sri Lanka has 22 million people who have been enduring for months now the galloping inflation and lengthy power cuts. This is after their government ran out of foreign currency to import essential goods.

Sri Lanka
Photo: Chamila Karunarathne, EPA-EFE/file

And this year, the island nation will continue to suffer as they will be facing a deep recession. Their suffering to acute shortages of food, fuel, and medicine will also continue. And this will linger until next year, 2023.

“We will have to face difficulties in 2023 as well. This is the truth. This is the reality,” the prime minister told the parliament on Tuesday. They are now having bailout talks with the International Monetary Fund and they are participating as a bankrupt country.

Wickremesinghe said, “Due to the state of bankruptcy our country is in, we have to submit a plan on our debt sustainability to them separately. Only when (the IMF) are satisfied with that plan can we reach an agreement.”

The country ran out of petrol which resulted in the shut down of non-essential public services, this way, they can conserve fuel. ABS-CBN reported that United Nations already stated that 80 percent of the population has been skipping meals just so they could cope with the rising prices and food shortages that are happening.

Since President Gotabaya Rajapaksa in November 2019 got elected, this crisis came as no surprise to those who are aware of the leader’s economic mismanagement.

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