Economy crisis will worsen – warns Former PM

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Former Prime Minister Ranil Wickremesinghe states that the Sri Lankan economy was facing problems that were difficult to resolve or eliminate and that the end result would be even worse in the coming months.

Issuing a special message on the economic crisis, he further if a proper solution to the debt crisis cannot be found, an even worse situation will be created in the country in the future.

The shortage of US Dollars, decrease in income, increase in expense, and unbearable loans are the key causes of the current economic crisis in Sri Lanka, he said.

The former Prime Minister said there are many reasons for the unbearable debt burden and the main reason is the debt incurred by state institutions such as Ceylon Electricity Board.

he said the government must create a framework where debt repayments are affordable.

“All these issues have been tied into a knot for some time. The government must decide to whether to untie it or cut it. Taking time will make it difficult to untie or cut the knot. The end result is that the next few months will be even more difficult for the people,” he said.

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