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‘Situation not improving anytime soon’ admits Sri Lanka’s finance minister

Sri Lanka’s finance minister Mangala Samaraweera admitted that harsh times lay ahead for the island’s economic situation as the rupee continued its freefall this week.

Despite various measures taken, the rupee has lost more than 12 percent of its value this year alone, hitting a record-low 174.12 rupees to the dollar. With sanctions on Iran, one of Sri Lanka’s primary sources for crude oil, set to hit later this year, Samaraweera admitted the outlook was bleak.

"The rise of the dollar is having a serious impact on our currencies,” he added. “We are not the only one affected."

The minister said he wants to “build a coalition of the willing to deal with this problem.”

“I don't see the global situation improving any time soon," he added.

See more from AFP here.

Though Samaraweera had initially claimed the ongoing economic crisis is "not as catastrophic as people make it out to be," Sri Lanka’s prime minister warned that the island’s economic crisis will worsen just days later.