Sri Lanka down to last day of petrol, new prime minister says

The new prime minister says the country is down to its last day of petrol as it faces its worst economic crisis in 70 years.

In a televised address, Ranil Wickremesinghe said the nation needs $75 million in foreign currency in the next few days to pay for essential imports.

The central bank will have to print money.

The state-owned Sri Lankan Airlines may be privatised.

The island nation has been hit hard by the Pandemic, rising energy prices and populist tax cuts. There was a severe shortage of medicines, fuel and other essentials because of a chronic shortage of foreign currency.

The most popular means of transportation in the city, auto rickshaws, have been waiting in line at petrol stations.

We only have petrol stocks for a single day. The next couple of months will be the most difficult ones of our lives, according to the new prime minister.

He said that shipments of petrol and diesel using a credit line with India could provide fuel supplies in the next few days.

The country's central bank would have to print money to meet the government's wage bill and other commitments, according to Mr. Wickremesinghe.

I am compelled to allow printing money in order to pay state-sector employees and to pay for essential goods and services. He said that printing money leads to the depreciation of the rupee.

Selling off Sri Lankan Airlines is one of the ways he proposes to fix the nation's finances. In the year ending March 2021, the carrier lost 45 billion Sri Lankan rupee.

There have been large, sometimes violent, protests against the President and his family.

The prime minister of the president's brother resigned last week after government supporters clashed with protesters. More than 300 people were wounded in the violence.

The economic crisis is going to get worse before it gets better, according to Mr. Wickremesinghe.

In his first interview since taking office, he promised to make sure families got three meals a day.

He appealed to the world for more financial help and said there wouldn't be a hunger crisis.