It seemed inevitable after everything that's been happening there since early this year. It's very concerning and many other countries could end up in a similar situation.
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Sri Lanka's Prime Minister Ranil Wickremesinghe has said the country's economy has "completely collapsed", leaving it unable to pay for essentials such as oil imports.
It follows months of shortages of food, fuel, and electricity, and the realisation that even the credit lines from neighbouring India that have sustained the country so far will not be enough.
Mr Wickremesinghe told Sri Lanka's parliament: "We are now facing a far more serious situation beyond the mere shortages of fuel, gas, electricity and food.
"Our economy has completely collapsed - that is the most serious issue before us today."
Mr Wickremesinghe said that the state-owned Ceylon Petroleum Corporation is $700m (£572m) in debt, adding: "As a result, no country or organisation in the world is willing to provide fuel to us.
"They are even reluctant to provide fuel for cash."
Sri Lanka has been struggling under the weight of its debt, combined with the impacts of the coronavirus pandemic, including a loss of tourism revenue and the rising cost of commodities.
news.sky.com
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Sri Lanka's Prime Minister Ranil Wickremesinghe has said the country's economy has "completely collapsed", leaving it unable to pay for essentials such as oil imports.
It follows months of shortages of food, fuel, and electricity, and the realisation that even the credit lines from neighbouring India that have sustained the country so far will not be enough.
Mr Wickremesinghe told Sri Lanka's parliament: "We are now facing a far more serious situation beyond the mere shortages of fuel, gas, electricity and food.
"Our economy has completely collapsed - that is the most serious issue before us today."
Mr Wickremesinghe said that the state-owned Ceylon Petroleum Corporation is $700m (£572m) in debt, adding: "As a result, no country or organisation in the world is willing to provide fuel to us.
"They are even reluctant to provide fuel for cash."
Sri Lanka has been struggling under the weight of its debt, combined with the impacts of the coronavirus pandemic, including a loss of tourism revenue and the rising cost of commodities.
Sri Lankan economy has 'completely collapsed', leader says
The country of 22 million people is struggling with its worst economic crisis in seven decades.
news.sky.com
and wasn’t aware of how much involvement they had already. Yikes…