Kathmandu,

June23,

Sri Lanka’s Prime Minister Ranil Wickremesinghe says its debt-laden economy has “completely collapsed” after months of shortages of food, fuel, and electricity, and the South Asian island nation cannot even purchase imported oil.  

"Our economy has faced a complete collapse," Wickremesinghe told Sri Lanka's Parliament, adding the government was seeking help from its global partners and the International Monetary Fund (IMF) to stabilize the economy.

But Wickremesinghe warned the island nation of 22 million was "facing a far more serious situation" beyond the shortages.

Mr. Wickremesinghe is also the Finance Minister tasked with stabilising the economy, which is foundering under the weight of heavy debts, lost tourism revenue and other impacts from the pandemic and surging costs for commodities.