Stabilise Sri Lanka

Sri Lanka prime minister Ranil Wichremesinghe had said it's economy has collapsed completely. The day-to-day life of the islanders have been difficult due to the shortage of fuel, gas, water and electricity. Due to these situations, it has been predicted that it may lead to a humanitarian crisis. Sri Lanka has a debt of 12 billion dollars (foreign debt) and needs a 6 billion for the next few months just to keep going, that is for imported fuels and food mainly. One of the foreign creditors recently filed a suit in United States stating that Prime Minister Ranil Wichremesinghe and government of Sri Lanka's decision to suspend it's payments. 

A team of high level officials from New Delhi, the finance secretary, the foreign secretary, the cheif economic advisor have now travelled to Colombo to discuss assistance. The Indian government has already provided assistance like credit lines, currency swaps and other necessary assistance which would be beneficial for them earlier ( the total assistance in monetary terms would be 3 billion dollars). The Sri Lankan prime minister said he would set up a meeting which would include lenders like Japan, India, China and probably the US. This meeting is to create a structure of the created debts among countries. An example is Laos, which owes about half of the public debt to China and is also identified as the Asia's next possible defaulting country.

The action taken must be domestic and mainly with internal structural reform that would stabilise the currency, which would lead to a sustained growth. The prime minister also said that the country would hit rock bottom and the rest of the world must try to prevent that from happening.