Sri Lanka’s current economic crisis is probably Endure Finance Minister Ali Sabry said Wednesday he had to wait at least two more years before the Sri Lanka parliament, according to Agence France-Presse (AFP).
“People need to know the truth. I don’t know if people are aware of the seriousness of the situation,” Sri Lanka Finance Minister Sabry said at the Parliament of the Democratic Socialist Republic of Sri Lanka on 4 May.
“We cannot solve this crisis in two years, but the actions we take today will determine how long this problem will take,” Sabry said.
The AFP said the finance minister “has less than $50 million in foreign exchange reserves now available.”
Sabry admitted on Wednesday that the Sri Lankan government “was at fault” for delaying access to the International Monetary Fund (IMF). [IMF] for bailouts.”
Sri Lanka’s Ministry of Finance contacted the International Monetary Fund (IMF) ahead of its April 12 announcement, saying it plans to temporarily default the country’s foreign debt to cushion Sri Lanka’s economy, which is facing its worst monetary crisis in 70 years. Sri Lanka’s Ministry of Finance said: press release At the time of recent “access to the IMF for economic recovery program design and emergency financial assistance”.
AFP reported on 4 May that “negotiations with the IMF are ongoing, but the governor of the Central Bank of Sri Lanka said that lenders’ support was only a few months away.”
Observers have traced Sri Lanka’s recent economic crisis to a shortage of foreign exchange reserves in an import-dependent country that has traditionally relied on the purchase of essential basic commodities. Economists say China’s coronavirus pandemic back Sri Lanka’s existing economic downturn has left Sri Lankan traders generally incapable of paying for important imports. The epidemic has blocked Sri Lanka, a tropical island nation in the Indian Ocean, from tourism income and remittances from overseas Sri Lankans that have fueled Colombo’s economy over the past few decades.
Sri Lanka’s recent financial buckling has begun. cause A tremor broke out among islanders in early March when widespread shortages of food, fuel and medicine began to shake up their daily lives. Massive anti-government protests demanded the resignation of the administration of incumbent President Gotabaya Rajapaksa in mid-March across Sri Lanka, particularly in the capital, Colombo. Protests have in some cases developed into crowd violence and intimidation, with hundreds of people attempting to protest. storm Private residence of Sri Lankan President Rajapaksa in Colombo on the night of 31 March.
Almost all Sri Lankan cabinets resigned on 3 April except for Sri Lankan President Gotabaya Rajapaksa and his brother Prime Minister Marina Rajapaksa. Protests demanding Gotabaya’s resignation have continued in Colombo since early March. report Last May 5 in Sri Lanka daily mirror newspaper.