The island of Sri Lanka could remain bankrupt until 2026

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This is a statement by President Ranil Wickremesinghe (friend of the Rajapaksa family) as he (hopefully) attempts to repair the ailing public finances following an unprecedented economic crisis. To tell the truth, it is a haphazard management of the former government and corruption)

Ranil Wickremesinghe and on the left his friend Rajapaksa

Sri Lanka continues to lack everything

The former prime minister took office last year at the height of national unrest sparked by months of food, fuel and medicine shortages.

tax hikes

He has since imposed tax hikes and negotiated with international creditors after Sri Lanka defaulted on foreign debt to pave the way for a badly needed International Monetary Fund (IMF) bailout.

“If we continue, according to this plan, we can emerge from bankruptcy by 2026,” Wickremesinghe said during a speech to the island nation’s parliament to urge support for economic reforms.

It is unfortunately evident that the people are suffering

Tax increases and the removal of fuel and electricity subsidies have been unpopular with the Sri Lankan public, already hard hit by the crisis and runaway inflation.

Mr Wickremesinghe’s political speech came at the same time as a huge union strike, with air traffic controllers, doctors and those in several other industries shutting down work.

“The introduction of new tax policies is a politically unpopular decision. Remember I’m not here to be popular. I want to rebuild this nation after the crisis it has fallen into,” he added.

Catherine Mills Avatar