PM says the economy has collapsed

Prime Minister Ranil Wickremesinghe told Parliament today that Sri Lanka's economy has collapsed.

 'The country is facing a far more serious situation than beyond the mere shortages of fuel, electricity and food', he said.

Wickremesinghe told parliament that Sri Lanka needs USD 550 million for its monthly fuel needs.

He said that 100, 000 MT of LP gas will be imported with a World Bank loan of USD 70 million and another USD 20 million from Sri Lanka's reserves. He said there won't be gas shortages when this stock of gas arrives.

The Prime Minister also said that rice will be imported under the Indian credit line.