• Вт. Гру 6th, 2022

Economic news / Економічні новини

News of economy, energy, trade, finance / Новини економіки, енергетики, торгівлі, фінансів

Bankrupt country’s economy ‘completely collapsed’


Чер 23, 2022

Sri Lankan Prime Minister Ranil Wickremesinghe said the country, which filed for bankruptcy in mid-April, is now facing a severe economic collapse. The words of the head of state are quoted by The Economic Times.

Currently, the state lacks gasoline and other fuels, medicines, as well as imported food products. “Now we are faced with a much more serious situation, in addition to the lack of fuel, gas, electricity and food. Our economy has completely collapsed. This is the most serious problem facing us today,” the Prime Minister said.

Sri Lanka is facing its worst financial crisis since independence in 1948. Due to a shortage of cash, the country cannot buy imported oil and is trying to find cash to pay for the fuel. However, suppliers around the world refuse to ship oil to Sri Lanka, since the debt of the country’s largest oil and gas company, Ceylon Petroleum Corporation, currently stands at $700 million.

To stabilize the situation with fuel in the country, Sri Lanka began to negotiate with a number of Russian companies to receive crude oil on credit. Some of them have already given an answer, said the Minister of Energy of the state, Kanchana Wijesekera.