Prime Minister Ranil Wickremesinghe today briefed the media on the current economic situation in the country, including the emergency measures being taken to address the fuel crisis.
Prime Minister Wickremesinghe said Sri Lankans are currently passing the most difficult three weeks he has mentioned earlier and expressed hope that the coming period would gradually get better.
Prime Minister expressed these views during a discussion held with editors and news directors of national newspapers and television stations this afternoon (29).
The Premier said the printing of money should be stopped from the beginning of next year to manage the rising inflation. He said the revenue from the VAT revision is expected in August.
However, he noted that the income of government institutions is less than the income of media institutions.
The Prime Minister said expects to present an amended budget by the end of next month.
He stated that an attempt would be made to obtain a petrol tanker by July 10. The earliest date for the arrival of a petrol tanker was July 22 and that he was in talks with India to try to bring in one or two fuel tankers before then.
The Prime Minister also said that although money is available to buy diesel, finding a ship to bring fuel was difficult because of the Russia Ukraine crisis.
He noted that the current economic downturn in Sri Lanka is worse than the collapse of the coffee economy of 1969.
The Premier said the diesel and petrol crisis was not an emergency and was due to poor management of importing oil tankers over the months, adding that talks were underway to obtain money from India to import several fuel tankers.
Advisor to the Prime Minister Sagala Ratnayake explained to the media the current status of the fuel situation in the country. He stated that a confirmed petrol shipment was due on the 22nd of July.
The Government was also attempting to secure fuel shipments at an early date, however, he explained until those were confirmed the details would not be released.
Former Minister Ratnayake recalled that a fuel tanker that was in Sri Lankan waters for about 70 days at the end of last year left the island due to non-issuance of letters of credit.
The total amount due to the state banks in Sri Lanka for letters of credit is close to one billion dollars. In addition, the Ceylon Petroleum Corporation has to be paid $ 3.2 billion.
Former Minister Sagala Ratnayake also briefed the media chiefs on the current fuel reserves in the country.
Accordingly, there are 11,000 metric tons of diesel, 5,000 metric tons of petrol, 30,000 metric tons of fuel oil and only 800 metric tons of kerosene and aviation fuel.
Former Minister Ratnayake said an order was placed today to obtain 38,000 metric tons of diesel. Despite requests from India to provide four fuel tankers, it has agreed to provide only one ship.
Speaking to media heads, Prime Minister Wickremesinghe said the government wants to obtain fuel at any cost and distribute it to the people.
Senior economic advisor to the Prime Minister, Dr. R.H. Samaratunga, also briefed the media on the economic situation and how the economy has reached this precarious position. He also said there is a tendency for remittances to flow in to the country at present.
Courtesy: Colombo Page
