Organic fertilizer plan is a cover for the govt's bankruptcy, says Ranil

COLOMBO (News 1st); Sri Lanka is facing a foreign exchange crisis as the country's reserve amounts to USD 04 Billion and will only be left with around USD 03 Billion after settling bond issues, said MP Ranil Wickremesinghe in a statement on Wednesday (14).

He said the Ceylon Petroleum Corporation is also facing an issue of USD 1.3 Billion and the banks too are facing a foreign exchange crisis due to the lack of dollars in the country.

'Sri Lankan Banks are in debt to foreign banks and the amounts have not been disclosed by the Central Bank, but I am told that comes to around USD 03 Billion,' said Wickremesinghe.

He went on to note that the government's plan to move towards organic fertilizer is an effort to cover up the government's bankruptcy.

'There is an oil tanker in the port and the country does not have dollars for the payment,' he added.

If the government does not have an alternative way of raising money, Wickremesinghe suggested it discuss with the International Monetary Fund and find the money needed to sustain the country’s economy.