Minister Prasanna Ratantunga says the possibility of a dollar crisis in the country, first emerged in 2019.
The Minister speaking at a gathering in Gampaha said as a solution to the matter the import of vehicles for Members of Parliament, imports of non-essential items were suspended, while several other measures were also taken.
The Minister said the public is faced with many issues with a prevalent gas shortage, and cost of living rising, adding that the government seeks to control this situation.
He claimed that in 2015 when President Mahinda Rajapaksa lost the Presidential Election, Sri Lanka’s economic growth rate was at 5.8% while the economic growth rate when President Gotabaya Rajapaksa took over the country was 2.8%.
Minister Ranatunga said President Rajapaksa was aware that a dire situation will arise, and took certain measures to control it.
Minister Ranatunga commenting on reasons that have led to a dollar crisis said avenues that generate dollar revenue have been affected.
He said a main source of foreign reserve is foreign remittances, claiming that many expatriates lost employment due to the coronavirus pandemic and had to return home.
The Minister stated the other source of foreign reserves is the apparel sector, adding that, that too was affected with orders for garments reducing, while the tourism sector was also affected.