Sri Lanka is facing a massive economic crisis: UNP Leader Ranil Wickremesinghe

COLOMBO (News 1st): Sri Lanka is facing a massive economic crisis at present, Ranil Wickremesinghe - Leader of the United National Party said on Thursday (July 9). According to the Former Prime Minister, the economic crisis that Sri Lanka is currently facing did not surface amidst the COVID-19 pandemic. "Do you remember that after the presidential election in November, they slashed taxes. By December they couldn't earn revenue through taxes. In January they said that they cannot pay the allowances of all state officers. This began in January, I think our export earnings have dropped by 7 or 8 billion dollars," UNP Leader Ranil Wickremesinghe queried, while addressing a media briefing in Kolonnawa on Thursday (July 9). He went onto note that as the government failed to resolve the decline in export earnings, they chose to reduce imports, which prompted a shortage of raw materials in local industries. According to Wickremesinghe, these drawbacks are yet to be resolved and the government remains silent. The Former Prime Minister charged, "They don't have the right to rule. Although the President and the Prime Minister are from one party and one family, the economic problems of this country have not been resolved." Thereby, Wickremesinghe pointed out there are only two parties that can rule Sri Lanka; namely, Sri Lanka Podujana Peramuna, which has failed in its duty and the United National Party. He went onto that the government cannot sustain itself adding it is running around seeking funds to govern. "They have told three state banks to obtain loans from overseas. What do these banks place as a guarantee? It is their assets. And what are their assets?" questioned Wickremesinghe adding "Those are our deposits. Therefore, if the bank collapses by placing such a guarantee, it is we who will lose our money." The Former Premier also said if there is faith on the government, it must acquire funds and not ask the banks to find money on behalf of the government. "The country is going to fall down. Therefore, the only thing that can be done is to increase the money at hand," UNP Leader Ranil Wickremesinge further noted.