Sri Lanka Economic Crisis: ‘Government breathing life into the economy’, Sri Lankan President Ranil Wickremesinghe said – 2023 will be important for the country


Colombo : Sri Lankan President Ranil Wickremesinghe on Sunday said 2023 would be a “pivotal year” for the cash-strapped country as his government is making all-out efforts to revive the troubled economy. Sri Lanka was hit by an unprecedented financial crisis in 2022 due to a severe shortfall in foreign exchange reserves. This led to political turmoil in the country and the powerful Rajapaksa family had to lose power.

Wickremesinghe said in the new year message, “After going through the most difficult phase last year, immense difficulties, uncertainties and despair, we are entering the new year 2023.” He said, ‘I understand the heavy burden that has fallen on all of us and also the shocks that most of us have had to bear due to the pathetic economic collapse of the country.’ From April to July, there was an atmosphere of anarchy in Sri Lanka.

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Sri Lanka’s 75th year of independence

There were long queues at fuel stations and thousands of people took to the streets to protest, carrying empty cooking gas cylinders. The Sri Lankan government had announced in May last year that Sri Lanka was on the verge of bankruptcy, stuck in foreign debt of $ 50 billion. Wickremesinghe said, ‘In fact, 2023 will be an important year in which we plan to transform the economy. 2023 is also the 75th year of independence from the British Empire.

China behind China’s destruction

National Day or Independence Day is celebrated in Sri Lanka every year on this date to commemorate the independence from the British rule in 1948 on February 4. China is behind Sri Lanka’s economic ruin, in whose debt trap the island country has become poor. Sri Lanka had to lease its Hambantota port to China for 99 years due to non-payment of debt. China now uses it for spying in the Indian Ocean and sends its spy ships here.


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