Sri Lanka: Foreign exchange crisis, Former PM Ranil calls for debate

Former Prime Minister and United National Party Leader, Member of Parliament Ranil Wickremesinghe says that Sri Lanka facing a major foreign exchange crisis.

He warned of “hunger and massive unemployment” in Sri Lanka by the middle of next year if the government does not take necessary action.

“Our reserves amount to USD 4 billion. Once we settle the bond issues mid-year, we’ll be left by another billion US dollars. So, we will be roundabout USD 3 billion dollars.”

“The unpaid dollar bills of the Ceylon Petroleum Corporation (CPC) amounts to USD 1.3 billion,” Ranil said.

“There is a foreign exchange crisis in the banks, there are no dollars as you know. The banks are in debt to foreign banks. The amounts have not been disclosed by the Central Bank, but I am told it comes to around USD 3 billion.”

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