Sri Lanka will need $5 billion in next six months for essentials—prime minister

By: 2 years ago

Sri Lanka will need $5 billion in next six months for essesntials—prime minister

Ranil Wickremesinghe, newly appointed prime minister, arrives at a Buddhist temple after his swearing-in ceremony amid the country’s economic crisis, in Colombo, Sri Lanka, May 12, 2022. REUTERS

COLOMBO — Sri Lanka’s cash-strapped government will need at least $5 billion in the next six months to maintain basic standards of living, including some $3.3 billion for fuel imports, the country’s prime minister told parliament on Tuesday.

“Only establishing economic stability not enough, we have to restructure the entire economy,” said Ranil Wickremesinghe, who is working to prepare an interim budget to balance Sri Lanka’s battered public finances.

The island nation of 22 million is suffering its worst economic crisis in seven decades, with a shortage of foreign exchange stalling essential imports.