COLOMBO, Sri Lanka (AP) — Sri Lanka's debt-laden economy has “collapsed” after months of shortages of food, fuel and electricity, the prime minister told lawmakers Wednesday in comments that underscored the country's dire situation as it seeks help from international lenders. Wickremesinghe said Sri Lanka is unable to purchase imported fuel due to heavy debt owed by its petroleum corporation. On Wednesday, he blamed the previous government for failing to act in time as Sri Lanka’s foreign reserves dwindled. So far, Sri Lanka has been muddling through, mainly supported by $4 billion in credit lines from neighboring India. Officials from the agency are visiting Sri Lanka to discuss the idea.

Source: Daily Sun June 23, 2022 01:15 UTC