Sri Lankan Prime Minister Ranil Wickremesinghe told lawmakers yesterday that country’s debt-laden economy has collapsed after months of shortages of food, fuel and electricity. Mr. Wickremesinghe told Parliament, the nation faces a far more serious situation. He also said that our economy has completely collapsed.

Mr Wickremesinghe said, Sri Lanka is unable to purchase imported fuel due to heavy debt owed by its petroleum corporation.

The Prime Minister also told Parliament that government will hold a Donor Conference with China, India and Japan, as the nation seeks overseas assistance to overcome the worst economic crisis since its independence.

Lawmakers from the two main opposition parties are boycotting Parliament this week to protest against Wickremesinghe, who became Prime Minister just over a month ago and is also Finance Minister, for failing to deliver on his pledges to turn the economy around.

The crisis on the island of 22 million is considered its worst in recent history. The Sri Lankan economy is foundering under the weight of heavy debts, lost tourism revenue and other effects of the pandemic, as well as surging costs for commodities. The result is a country hurtling towards bankruptcy, with hardly any money to import gasoline, milk, cooking gas and toilet paper.