Sri Lanka’s new Prime Minister Wickremesinghe said on Monday that the country is left with just one day’s petrol stock and asked the people not to join the lengthy queues for fuel. He said he has no desire to hide the truth from the public.
The Sri Lanka PM further said in his tweets about the country’s economic crisis. He addressed all the major issues of the Economic crisis. His tweets read…
- The next couple of months will be the most difficult ones of our lives. I have no desire to hide the truth and lie to the public. Although these facts are unpleasant and terrifying, this is the true situation. ‘
- Govt. Revenue: SLR 1.6 Trillion. Govt. Expenditure: SLR 2.4 Trillion. Budget Deficit: SLR 2.4 Trillion (13% of GDP)
- Debt Ceiling: SLR 1950 Billion out of the approved debt ceiling of SLR 3200 Billion by the 2nd week of May. Foreign Reserves: They were at USD 7.5 Billion in Nov. 2019. However, today it is a challenge for the treasury to find USD 1 Million.
- Fuel Stocks:
Problem: In order to ease the queues, we need approx. USD 75 million. We only have petrol stocks for a single day. - Fuel Stocks:
• Solution: We managed to bring in a diesel shipment yesterday. Two more diesel shipments under the Indian credit line are due on 18/5 and 1/6. Two petrol shipments are due on 18/5 and 29/5. We are working to obtain dollars in the open market to pay for these shipments - Electricity:
• Problem: As a quarter of electricity is generated through oil, there is a possibility that the power outages will increase to 15 hours a day. - Electricity:
• Solution: For over 40 days 3 ships with crude oil and furnace oil have been anchored within the maritime zone of SL. We have already obtained money to avert this crisis. - Gas:
• Problem: We urgently require USD 20 million to provide gas to consumers
• Solution: We are working towards making a payment for the gas shipment that is scheduled to arrive on Tuesday (17). - Medicine:
• Problem: Severe shortage of medicine and surgical equipment. Payments amounting to SLR 34 Billion are due for 4 months to suppliers of medicine, medical equipment, and food for patients.
• Solution: In the process of exploring solutions to address these shortages. - We will face considerable challenges and adversity. However, this will not be for long. In the coming months, our foreign allies will assist us. They have already pledged their support.
- Last Thursday when I accepted office as the Prime Minister, I did not do so only as a Political Leader but also as a National Leader who has benefited from free education at the Faculty of Law of the University of Colombo.
- I will fulfill my duty towards our nation. That is my promise to you.
This post was last modified on 17 May 2022 7:35 am