The economic crisis in Sri Lanka is now worse than ever.

byவேட்டை -May 18, 2022

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People living in Sri Lanka are going to face a much more difficult period of their lives in late May and early June than they did fighting for life from early 2022 to early May.

Sri Lanka's foreign exchange reserves, which stood at US $ 7.5 billion before Kota became President in November 2019, have now completely dried up to US $ 1 million.

Apart from the credit line issued by India, no new credit tax has been received from any country so far. If the neighboring country India had not come to our aid at the last moment, Sri Lanka could have become a country of people killing and looting for their livelihood struggle anyway at this moment.

But no one still knows what price we will have to pay for that assistance to India.

The speech of the new Prime Minister Ranil Wickremesinghe to the people today makes it clear that the Sri Lankan government has been struggling for more than 40 days to release even $ 75 million to refuel the fuel tankers that have arrived in Sri Lanka.

In such a situation there is nothing to talk about in Sri Lanka's essential food and medicine.

Sri Lanka needs US $ 500 million a month to import fuel. Despite $ 7.5 billion in foreign exchange in 2019, $ 500 million is still a distant dream for Sri Lanka.

In the current context, the government urgently needs at least $ 2 billion to meet the country's basic needs. But it is not yet clear how the money will be available.

If Sri Lanka receives money from the International Monetary Fund, it can be obtained only after signing several complex agreements, while there is no other way to do so, and it will take up to three more months before the employee level agreement is signed.

The biggest challenge facing Sri Lanka right now is to find dollars in the short span of those three months.

The new Prime Minister Ranil Wickremesinghe has held discussions with India, Japan, South Korea and European countries as well as institutions such as the World Bank and the Asian Development Bank. Yet no one can say for sure whether

the money will come in the short term as a result or how long it will take.

Despite the consequences of indiscriminate money printing, Sri Lanka has reached a point where it is impossible to pay public servants without printing money.

In short, the current situation in Sri Lanka is dire.

Whether it is the ruling party in parliament or the opposition, we have become unable to find an answer to this question without some political consensus and joint effort.

The dilemma facing every party in parliament right now is whether the question of the country's economic stability should be given priority first or other.

If President Gotabhaya Rajapakse presents economic stability in the event of his resignation, it is everyone's primary duty to coordinate the issues raised by the protesters while the corruption against the Rajapaksas recedes.

However, I suggest at this time that as much as possible we should seize the assets of the Rajapaksas and other corrupt politicians and find a mechanism to ensure economic stability.

Sajid Premadasa, Leader of the United People's Power and Leader of the Opposition, called for a comprehensive constitutional amendment in Parliament to bring back independent commissions in the 21st Amendment and to pave the way for the appointment of top officials.

Therefore, from tomorrow onwards, all those in opposition, critical supporters, independents and conscientious objectors should continue to press for this.

And in the future, the country's existence, stability and development will only move forward if the people of the country have to elect the right representatives to Parliament and travel hand in hand as one Sri Lankan.