Country in very difficult situation: SL Prez to Parl

July 20, 2022 13:18

Sri Lanka's newly appointed President Ranil Wickremesinghe addresses the Sri Lankan Parliament in Colombo. He says the country is in a very difficult situation, we have big challenges ahead.

Former President Gotabaya Rajapaksa had offered his resignation after fleeing the country to Singapore. The president first flew to the Maldives after tens of thousands of protesters stormed his official residence in the capital Colombo.

The economy in Sri Lanka is bracing for a sharp contraction due to the unavailability of basic inputs for production, an 80 per cent depreciation of the currency since March 2022, coupled with a lack of foreign reserves and the country's failure to meet its international debt obligations. -- PTI

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