Sri Lankan President Gotabia Rajapaksa has blamed his wrong decisions for the country’s worst economic crisis and vowed to rectify the situation.
According to the Associated Press, President Rajapaksa, while talking to his new 17-member cabinet yesterday, admitted that he had made mistakes which led to economic crisis in the country.
President Rajapaksa said that his government had faced many challenges during the last two and a half years. In addition to the Corona epidemic and the debt burden, the government made some mistakes, but these mistakes need to be rectified and the public’s confidence restored.
Sri Lanka has to repay 7 7 billion of its 25 25 billion foreign debt this year while the country has gone bankrupt. Sri Lanka is facing severe shortage of foreign exchange for importing essential commodities.
In order to make the country’s agriculture fully organic and prevent the depletion of foreign exchange reserves, the import of fertilizers from abroad was banned, which not only severely affected the farmers but also led to a significant reduction in agricultural production.
Over the past few months, Sri Lanka has experienced severe shortages of food, gas, oil and medicine, and citizens have been queuing up to shop.
The Sri Lankan government is in talks with the IMF for a 3 billion loan over the next three years.
Sri Lanka has asked India for 500 million to meet its fuel needs in addition to the 1 billion loan, while talks are underway for another 1.5 billion loan from China.