Colombo:
Opposition parties and members of the public have been fighting for the past month for the resignation of President Gotabhaya Rajapaksa and Prime Minister Mahinda Rajapakse to take responsibility for the severe economic crisis in Sri Lanka.
Addressing the Sri Lankan Parliament on the economic crisis, Finance Minister Ali Sabri said:
Sri Lanka will have to endure an unprecedented economic crisis for at least another two years.
We will not be able to solve this crisis in two years, but the steps we take today will determine how long this problem will last.
The country currently has less than $ 50 million in foreign exchange reserves needed to stabilize Sri Lanka’s import-dependent economy and finance essential commodities.
People need to know the truth. I don’t know if people realize the seriousness of the situation.
The government has erred in delaying access to the International Monetary Fund. Negotiations are currently underway with the International Monetary Fund.
But the head of the Central Bank of Sri Lanka said it was still a few months before he could get any help from the lender.
Cutting taxes drastically in 2019 is a historic mistake. The government will soon release a new budget and raise taxes to boost revenue. Thus he said.
The Sri Lankan unions, which went on strike last week, have announced they will resume their strike on Friday, urging the Sri Lankan government to resign in full.