Sri Lanka is going through one of the worst Economic Crises in HIstory. As per latest reports, the country has only one day stock for the petrol reserved. In the latest tweet by Sri Lankan PM Ranil Wickremesinghe, he has shared that the government is trying to import diesel to curb the difficulties of people. He also added that one shipment is under the line of credit from India which will reach Sri Lanka on Wednesday, 18 May. The second Shipment is expected to reach by May 29. In addition to that, the Sri Lankan government is also trying to arrange dollars from the open market to pay the price of these shipments.
As per the Tweet by Sri Lankan PM, the country's revenue is 1.6 trillion while the government's expenditure is 2.4 trillion. On the other hand, the budget deficit is falling at 2.4 trillion which is about 13 percent of the country's GDP. All the stats are according to Sri Lankan Currency which is 1 Sri Lankan Rupee equals 0.22 Indian Rupee and 0.0029 USD.
The newly elected PM Ranil Wickremesinghe in an address to the nation stated that the country urgently needed $75 million in foreign exchange to pay for essential imports. "At the moment, we only have petrol stocks for a single day. The next couple of months will be the most difficult ones of our lives," he added.
Let us tell you that India delivered the 12th shipment of diesel containing over 400,000 Metric Tonnes (MT) of fuel to Sri Lanka to curb one its worst economic crisis.