Sri Lanka crisis LIVE: Only one day of petrol stock left; daily power cuts may last 15 hours, PM Wickremesinghe says

Two shipments of petrol and two of diesel using an Indian credit line could provide relief in the next few days: PM

Sri Lanka PM paints bleak picture of country's economy, proposes some solutions

"The next couple of months will be the most difficult ones of our lives. We must prepare ourselves to make some sacrifices and face the challenges of this period," Ranil Wickremesinghe said in an address to the nation.

He said a relief budget will be introduced to replace the 2022 Development Budget.

Wickremesinghe said on Monday that his aim is to save the crisis-hit country, and not a person, family or group, in an apparent reference to the Rajapaksa family and its former strongman Mahinda Rajapaksa.

I propose to privatise Sri Lankan Airlines 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

We have planned to present a new alternative budget to the development budget proposed for 2022. Intend to present it as a concessionary budget: PM Wickremesinghe

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'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: PM

Prime Minister warns that the daily electricity cuts could extend to at least 15 hours a day

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 Ranil Wickremesinghe

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

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

At present, the Sri Lankan 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 Ranil Wickremesinghe, in Colombo

We need to make urgent payments for medicine, shortage of 14 essential drugs: PM

New PM proposes to privatise Sri Lankan airlines

Inflation likely to increase in the short term: Prime Minister Ranil Wickremesinghe

Sri Lanka PM begins address to nation

Sri Lanka's new PM won crucial support from two main opposition parties on Monday, easing the pressure on the ruling Rajapaksa clan in the face of the island's worsening economic crisis.

Sri Lanka's new PM wins support for 'economic war cabinet'