Sri Lanka is experiencing the worst economic crisis in its history. Sri Lankan Prime Minister Ranil Wickremesinghe, in his speech in the parliament, said, “Now we are facing a much more serious situation beyond just fuel, gas, electricity and food shortages. Our economy has completely collapsed. This is the most serious problem facing us today.” Explaining that the current debt of Sri Lankan oil and gas company CEYPETCO is $700 million, Prime Minister Wickremesinghe emphasized that they cannot buy oil, saying, “No country or company in the world is willing to supply us with fuel.” Wickremesinghe said that the government did not take timely action to reverse the situation as its foreign exchange reserves dwindled, adding, “We would not have faced this difficult situation today if steps had been taken to slow down the collapse of the economy, at least in the beginning. But we missed this opportunity.”

Sri Lanka is struggling to survive with $4 billion worth of economic aid from neighboring India. However, Prime Minister Wickremesinghe said India will not be able to sustain Sri Lanka for very long.