As the country suffers its greatest economic crisis in more than 70 years, Sri Lanka’s new Prime Minister (PM) declared that the country is headed to its last day of petrol stock.

PM Ranil Wickremesinghe said the country urgently needed $75 million in foreign currency to pay for crucial imports in a televised address. In order to pay government salaries, he claims the central bank will have to print money.

Sri Lankan Airlines, which is owned by the government, may be privatised, according to PM Wickremesinghe.

The pandemic, soaring energy prices, and populist tax cuts have all wreaked havoc on the island nation’s economy. Medicines, fuel, and other essentials were in low supply due to a chronic shortage of foreign cash and rising inflation.

1. The next couple of months will be the most difficult ones of our lives. I have no desire to hide the truth and to lie to the public. Although these facts are unpleasant and terrifying, this is the true situation. #SriLankaEconomicCrisis

— Ranil Wickremesinghe (@RW_UNP) May 16, 2022

Auto rickshaws, the city’s most popular mode of transportation, and other vehicles have been queuing at gas stations in Colombo.

The country has enough petrol for one day at the time. Mr Wickremesinghe, who was appointed Prime Minister last week, cautioned that the next few months will be the hardest of our lives.

He noted that shipments of petrol and diesel using an Indian credit line could provide fuel supplies in the coming days.

Mr Wickremesinghe stated that the nation’s central bank will have to print money to assist the government in meeting its salary bill and other obligations.

The PM stated that he is forced to allow the printing of money against his will in order to pay state employees and purchase vital products and services. However, the nation must keep in mind that printing money causes the local currency to depreciate.

Read more: CNG prices pushed to Rs140 per kg for sales tax collection

As part of his efforts to stabilise the country’s finances, he advocated selling out Sri Lankan Airlines. In the fiscal year ended March 2021, the airline lost 45 billion rupees ($129.5 million; £105 million).