Sri Lankan PM says economy ‘has collapsed’, unable to buy oil

COLOMBO, Sri Lanka (AP) — Sri Lanka’s prime minister said its debt-laden economy had “collapsed” after months of shortages of food, fuel and electricity.

Prime Minister Ranil Wickremesinghe told parliament on Wednesday that the South Asian country “is facing a situation that goes beyond mere shortages of fuel, gas, electricity and food. Our economy has completely collapsed.”

Wickremesinghe is also the finance minister responsible for stabilizing the economy. Sri Lanka cannot buy imported fuel, even in cash, due to the huge debt owed by its oil companies, he said.

He said the government missed an opportunity to turn things around and “we are now seeing signs that we may have hit rock bottom.”

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