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Sri Lankan government declares the “collapse” of its economy due to shortages of basic products

The Asian country is experiencing the worst economic crisis in its history and this Wednesday, June 22, Prime Minister Ranil Wickremesinghe declared…

The Asian country is experiencing the worst economic crisis in its history and this Wednesday, June 22, Prime Minister Ranil Wickremesinghe declared before Parliament that the economy is completely “collapsed”, due to the inability to import oil to meet its needs.

Dozens of people took to the streets of Colombo, the capital of Sri Lanka, to protest against the management of the Prime Minister and Finance Minister, Ranil Wickremesinghe, who was appointed on May 12 to deal with the crisis that the country faces.

“We are now facing a much more serious situation than just fuel, gas, electricity and food shortages. Our economy has completely collapsed. That is the most serious issue before us today,” Wickremesinghe told Parliament. This Wednesday June 22.

For many Sri Lankan families who never had to think twice about fuel or food, the effects of the worst economic crisis have been instantaneous, erasing years of progress towards the lifestyles they aspired to in South Asia.

The country of 22 million people is experiencing the worst economic crisis since its independence from the British Empire in 1948 and has suffered from shortages of medicine, food and fuel for months.

The South Asian island nation is sinking under the weight of heavy debt, as well as lost tourism revenue and other impacts of the pandemic, exacerbated by misguided government policies.

“Our children don’t have powdered milk. There is no fuel for our husbands to do their work. We don’t have gas to cook with. While the women queue to buy gas, the man of the house queues for fuel and the children do the queue for powdered milk… How can we live?” said a Colombo resident.

After having suspended the payment of 12,000 million dollars of foreign debt in April, Sri Lanka is seeking around 3,000 million dollars from the International Monetary Fund to channel its public finances.

The government will convene China, India and Japan at a donor conference to obtain more foreign aid and present a provisional budget in August, Wickremesinghe added in his appearance before the legislative body.

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