Sri Lanka's Crisis Worsens

 'Immediately about 75 million for the importance of essential goods importance'

The country of Sri Lanka, which has been dealing with a variety of issues as of late, is currently experiencing an even more severe economic crisis. At the moment, Sri Lanka is dealing with the most severe economic crisis it has seen since it gained its freedom. According to freshly appointed Prime Minister Ranil Wickremesinghe, there is just enough supply of petroleum goods remaining in the country to last for one more day.

Ranil Wickremesinghe stated on television that it is necessary to import critical products and resources in order to meet the needs of the country. It was the responsibility of the central bank to bring in additional funds for the payment of government salaries and wages.

Wickremesinghe has said that state-owned Sri Lankan Airlines could be privatized to deal with the crisis. The airline reported a loss of about 130 million a year. Wickremesinghe was appointed prime minister only on Thursday. Speaking after taking office, he warned that "Sri Lanka's economy will improve, but for a while, it will get worse."

The spread of the Corona virus, its effect on tourism, rising fuel prices, the conflict between Russia and Ukraine, and the decision by the government to reduce taxes in order to gain popularity have all had a significant negative influence on Sri Lanka's economy. Fuel, medication, and other necessities are in limited supply as a direct result of the persistent lack of available foreign currency and the accompanying increase in commodity costs.

In the nation's capital, Colombo, there were extensive lines of auto rickshaws and other vehicles waiting up at gas stations. "At this moment, we have sufficient gasoline for one day. According to what Wickremesinghe mentioned on Tuesday, the following two months are going to be very challenging for us. He stated that the shipment of petroleum products may take place in a matter of days using the credit facility that was granted by India.

However, according to Bikram Singh, the central bank is required to generate money in order to pay for other governmental obligations. "Even if I don't want it, I am compelled to enable money printing to pay staff and pay for important products and services," he stated. "Money printing is a necessary evil." He stated that it need to be clear that the rupee's value would decrease if more money were printed.

The most recent crisis facing Sri Lanka is the worst one it has faced since it gained its independence in 1948. In the past several weeks, there have been numerous violent demonstrations directed against President Gotaby Rajapaksa and his family as the issue continues to worsen.

After violence broke out between protestors supporting and opposing the government in the previous year, Prime Minister Mahinda Rajapaksa decided to retire from his position. Since Monday, there have been conflicts between police and protestors that have resulted in the deaths of nine individuals, including one legislator. It was stated that more than 300 persons were hurt.