Thread by @timesofindia

#Inflation likely to increase in the short term, says PM #Wickremesinghe

#SriLankaCrisis LIVE:

#SriLankaEconomicCrisis #SriLanka

timesofindia.indiatimes.com/world/south-as…

At present, the #SriLankan economy is extremely precarious. Although the former government’s budget projected revenue of SLR 2.3 trillion, SLR 1.6 trillion is the realistic projection of this year’s revenue: PM of Sri Lanka #RanilWickremesinghe, in #Colombo

#Economy #SriLanka

The estimated govt expenditure for this year is SLR 3.3 trillion. However, due to increase in interest rates & addl expenditure of ex-govt, total govt expenditure is SLR 4 trillion. Budget deficit for the yr is SLR 2.4 trillion. This amount equals 13% of the #GDP: PM of Sri Lanka

Approved debt ceiling is SLR 3200 bn. By 2nd week of May, we had spent 1950 bn. Therefore, remainder is SLR 1250 bn. Y'day, cabinet decision was made to present a proposal to parliament to increase approved limit for issuing treasury bills from 3000 bn to 4000 bn: Sri Lankan PM

In November 2019, our foreign exchange reserves were at USD 7.5 billion. However, today, it is a challenge for the treasury to find USD 1 million. The Ministry of finance is finding it difficult to raise USD 5 million required to import gas: PM of Sri Lanka #RanilWickremesinghe

We're faced with several grave concerns. To ease queues, we must obtain approximately USD 75 mn within next couple of days. At the moment, we only have petrol stocks for a single day. Due to diesel shipment that arrived y'day, lack of diesel will be resolved to some extent: SL PM

A quarter of electricity is generated through #oil. Therefore, there's a possibility that daily power outages will increase to 15 hrs a day. However, we've already obtained money to avert this crisis. We must also immediately obtain USD 20 mn to provide gas to consumers: SL PM

We have planned to present a new alternative budget to the development #budget proposed for 2022. Intend to present it as a concessionary budget: Sri Lankan PM Ranil Wickremesinghe, in #Colombo

#SriLankaEconomicCrisis

I propose to privatise #SriLankanAirlines which is incurring extensive losses. The loss for 2020-2021 alone amounts to SLR 45 billion. By 31st March 2021, total loss was at 372 billion. Even if we privatise Sri Lankan Airlines, this is a loss that we must bear: Sri Lankan PM