Government explains economic crisis

COLOMBO (News 1st) - At the cabinet media briefing held on Tuesday (September 19) Co - Cabinet Spokesperson, Minister Dr Rajitha Senarathne expressed views on the constant depreciation of the rupee and the economic crisis. The Minister stated that this situation is not restricted to Sri Lanka adding that neighboring countries such as India and Pakistan are also facing similar issues. He stated that while the Sri Lankan rupee has depreciated by 6% in the recent past, the Indian rupee has dropped by 11%. In response to a query posed by a journalist on the threat posed by the rising cost of living, the Minister stated that the current price of gas continues to remain at price which is lower than  what was mandated by  the previous Government, Meanwhile, Prime Minister, Ranil Wickremesinghe expressing views on a separate occasion stated that there is a globally felt economic crisis at present. Wickremesinghe added that the current situation is not just limited to Sri Lanka and that when the value of our currency reduces that the prices of goods increases, fuel prices increase and the taxes increase.