Former Prime Minister Ranil Wickremesinghe addressed the nation on the eve of the Sinhala and Tamil New Year.
Sri Lanka is unable to make a US $200m loan repayment next week the Government has decided to suspend on all external debt repayments. This will place further pressure on the banking sector in the country. This decision is an announcement by the Government that the country is bankrupt.
The responsibility is now on the new Finance Minister to travel to Washington and discuss the prevailing situation with the IMF.
By mid-May the Indian Line of Credit will be finished. By June private businesses will be unable to operate due to a lack of foreign exchange. This Government must take full responsibility for the bankruptcy of the country.
They must now engage all other political parties without any conditions. Last week in Parliament as the Opposition we apologised to the public for the failing. However, elections or constitutional amendments at this point will not solve the crisis in the country.
After discussions are held with the Government and a plan is formulated conditions can be laid down. It is our responsibility to give everyone an equal hearing.
In Lebanon the IMF agreement was reliant on it being tabled in Parliament for their approval. This must happen in Sri Lanka as well. We are in a very difficult situation. We are ending the year as a bankrupt country.
However, we can solve this crisis. It will take a national effort to do so. We will face a tough period, but we must face it. We can overcome this crisis and strengthen our economy. But this can only be done if we work together and to a plan.
We will end this year as a bankrupt nation, but begin the new year on a new journey.
This can be done if everyone joins together. I wish you and your loved ones a happy Sinhala and Tamil New Year.
Ranil Wickremasinghe
Former Prime Minister