Sri Lanka PM Ranil Wickremesinghe To Give 'Full Explanation' To Nation As Fuel Stocks Run Short

The new Prime Minister said, "We are prioritizing matters, rest assured they shall be addressed as early as possible."

New Delhi: Sri Lanka's new Prime Minister Ranil Wickremesinghe will address the country on Monday after assuming office last week. The island nation is going through its worst economic crisis. Taking to social microblogging site on Sunday, Wickremesinghe said he would give a "full explanation" of the crisis that has brought the economy to its knees.

“There is a lot to be done and undone. We are prioritizing matters, rest assured they shall be addressed as early as possible. We have managed to get things moving in the last 48 hours. I will provide a full explanation of the financial crisis faced by the country tomorrow (16),” tweeted Wickremesinghe.

Fuel Crisis In Sri Lanka

A diesel shipment under the Indian credit line reached the country on Sunday but is yet to be distributed across the island, leading to lengthy queues in several places, according to news agency Reuters.

The country's power minister told citizens not to join the lengthy fuel queues.

Talking about fuel, the United National Party (UNP) leader Ranil Wickremesinghe tweeted that due to a scarcity of dollars in banks, his government was exploring options such as securing the necessary funds to pay for immediate fuel requirements.

On gas, he said that his government had secured payments for a consignment, which, he said, will be unloaded and distributed ‘as soon as possible.’

The 73-year-old leader is expected to hold discussions with the attorney general’s department on curbing President Gotabaya Rajapaksa’s sweeping executive powers and the proposals will be presented to the cabinet for approval.

Sri Lanka is slipping into default as the grace period on two unpaid foreign bonds ends on Wednesday, as per the Bloomberg report.  This comes as a fresh blow to a country rattled by economic uncertainty and social unrest. The new premier is yet to find a nominee for the crucial post of finance minister, who will negotiate with the International Monetary Fund for seeking financial help for the country.