- Sri Lanka’s government would require at least $5 billion over the next six months to maintain basic living standards.
- The island nation is facing its worst economic downturn in seven decades.
A lack of foreign exchange is preventing importation of crucial products such as fuel, medicine, and fertiliser.
COLOMBO: Sri Lanka cash-strapped government would require at least $5 billion over the next six months to maintain basic living standards, including $3.3 billion for gasoline imports, as per the country’s PM Ranil Wickremesinghe.
Read more: Sri Lanka moves to release court-ordered Russian plane
“Only establishing economic stability is not enough, we have to restructure the entire economy,” said Prime Minister Ranil Wickremesinghe, who is preparing an interim budget to restore Sri Lanka’s shattered public finances.
The 22-million-strong island nation is in the midst of its worst economic crisis in seven decades, with a lack of foreign exchange preventing imports of critical products like fuel, medication, and fertilisers.
Read more: Sri Lanka seeks UN help on food shortages
On Tuesday, Sri Lanka’s cabinet accepted a $55 million credit line from India’s Exim Bank to purchase fertilisers, according to a cabinet spokesman.
For the latest International News Follow BOL News on Google News. Read more on Latest International News on oldsite.bolnews.com