Former Prime Minister Ranil Wickremesinghe said that the present regime needs to reexamine its strategies to revamp the economy since Sri Lanka is not qualifying for the International Monetary Fund ( IMF) Rapid Financial Initiative.
He said that the Indian credit line is coming to an end next month, and the country is likely to face a food shortage.
Mr Wickremesinghe addressing a seminar organized by some Sri Lankan bankers in Colombo also warned of a further deterioration of the economy.
The former Prime Minister said the fertilizer supply is also facing a danger since 30 per cent of fertilizer comes from Russia.
Mr Wickremesinghe said that the value of the funds held in fixed deposits and funds in the EPF and ETF is likely to decline by at least 59 %, The former Prime Minister said.
“ We warned of this crisis in 2020, and we told the authorities to go to the IMF in 2021, but this did not happen, and hence we have to rethink and reexamine our strategies he said.
