Our mistakes are the cause of the financial crisis: Sri Lanka’s President confessed on bankruptcy

Colombo, April 19: The Sri Lankan president on Monday acknowledged the mistakes that have led to the country’s worst economic crisis in decades and pledged to correct them.

President Gotabaya Rajapakse acknowledged this mistake while speaking with 17 new cabinet ministers on Monday as the president and his powerful family were trying to resolve the political crisis caused by the country’s dire economic situation.

Sri Lanka is on the verge of bankruptcy, with a total repayment of USD 7 billion, out of a total of USD 25 billion. There is a severe shortage of foreign exchange. The country has a shortage of money to buy imported goods.

 

 

People have endured months of shortages of essential items such as food, cooking gas, fuel and medicines. Standing in line for hours to buy the most limited inventory available.

Gotabaya Rajapaksa, President of Confession

“We have faced huge challenges in the last two and a half years. There is a debt burden along with the coronavirus epidemic. There are some mistakes on our part,” President Gotabaya Rajapaksa said.

“Our mistakes have to be corrected. We have to regain the trust.

Why is fertilizer import banned?

The ban on imported fertilizer is aimed at protecting the country’s declining foreign exchange reserves. Critics say this will hurt farmers badly.

The government is being blamed for taking large loans for infrastructure projects that did not offer any money. “Today, people are under tremendous pressure from this economic crisis. I deeply regret this situation,” President Rajapaksa reiterated. People have also said that this pain and outrage is common when people have to wait in line to get the necessary items at a higher price.

Story first published: Tuesday, April 19, 2022, 11:41 [IST]