Colombo: Sri Lanka Aiming to set up a financial safety net of Rs 200 billion to provide social security assistance to the needy amid the worst economic crisis in the country, PM Ranil Wickremesinghe has announced. “The government is making maximum efforts to minimize the impact by providing financial and logistical support,” said Wickremesinghe, who also holds the position of finance minister for the debt-ridden economy.
“The financial safety net of Rs 200 billion is being raised to support the social sector,” he said while addressing the owners of Sri Lankan media organizations on Thursday.
He said that from a team International Monetary Fund (IMF) will visit the country on June 20 and hoped that with an employee level agreement International Monetary Fund Will reach the end of June.
Wickremesinghe also told that due to the shortage of food grains, he is starting a food security program in the country.
He hoped that through the food security programme, the government of the troubled country would provide free food to 10 percent of the population, who were unable to afford three meals.
He had earlier warned of a food crisis apart from the ongoing economic crisis, which has left the country short of fuel, gas, medicines as well as essential supplies.
When asked about the government’s initiatives to deal with the current crisis, the Prime Minister explained that the country will have to bear the consequences of the damage caused to the economy by the Covid-19 pandemic.
The Prime Minister said that talks are on with Japan to gain their trust and their support.
Wickremesinghe said countries are moving forward with aid in food and medical supplies, although no country is providing fuel for free.
Long queues are currently a common sight at fuel retail stations across the island, despite India providing supplies through credit lines.
Sri Lanka, which has been reeling from unprecedented economic turmoil since independence from Britain in 1948, is also facing political unrest with protesters demanding a president. Rajapaksaresignation of
The economic crisis has prompted severe shortages of essential items like food, medicine, cooking gas and other fuels, toilet paper and even matches, with Sri Lankans outside shops to buy fuel and cooking gas for months. Forced to wait for hours.
An IMF bailout program is currently being worked on and is expected to be available in the last quarter of the year.
Wickremesinghe had earlier announced that extended credit lines are being sought from India till the availability of IMF facility.
“The financial safety net of Rs 200 billion is being raised to support the social sector,” he said while addressing the owners of Sri Lankan media organizations on Thursday.
He said that from a team International Monetary Fund (IMF) will visit the country on June 20 and hoped that with an employee level agreement International Monetary Fund Will reach the end of June.
Wickremesinghe also told that due to the shortage of food grains, he is starting a food security program in the country.
He hoped that through the food security programme, the government of the troubled country would provide free food to 10 percent of the population, who were unable to afford three meals.
He had earlier warned of a food crisis apart from the ongoing economic crisis, which has left the country short of fuel, gas, medicines as well as essential supplies.
When asked about the government’s initiatives to deal with the current crisis, the Prime Minister explained that the country will have to bear the consequences of the damage caused to the economy by the Covid-19 pandemic.
The Prime Minister said that talks are on with Japan to gain their trust and their support.
Wickremesinghe said countries are moving forward with aid in food and medical supplies, although no country is providing fuel for free.
Long queues are currently a common sight at fuel retail stations across the island, despite India providing supplies through credit lines.
Sri Lanka, which has been reeling from unprecedented economic turmoil since independence from Britain in 1948, is also facing political unrest with protesters demanding a president. Rajapaksaresignation of
The economic crisis has prompted severe shortages of essential items like food, medicine, cooking gas and other fuels, toilet paper and even matches, with Sri Lankans outside shops to buy fuel and cooking gas for months. Forced to wait for hours.
An IMF bailout program is currently being worked on and is expected to be available in the last quarter of the year.
Wickremesinghe had earlier announced that extended credit lines are being sought from India till the availability of IMF facility.