Sri Lanka is facing a forex crisis - Gammanpila

COLOMBO (News 1st); Sri Lanka's Minister of Energy, Udaya Gammanpila claims what the country is experiencing is not an electricity crisis or a fuel crisis, but a foreign exchange crisis.

He stated that the Sri Lanka Government had spent $21 billion on imports last year (2021), of which $2.8 billion was allocated for fuel imports.

Furthermore, he said that if the country manages the economic system and cuts down unnecessary expenses, the Ministry of Energy will be able to ensure a continuous fuel supply.

Moreover, he stated that the Government must decide to prioritize the limited foreign reserve spending on essential goods, medicine, and fuel.

The Minister said due to not prioritizing imports, certain items like apples, grapes, and honey are imported while essentials such as medicines are not.