Former Minister of Finance Mangala Samaraweera says Sri Lanka is heading towards an unexpected major financial crisis.
Speaking to media in Colombo today, Former Finance Minister Samaraweera said Sri Lanka was referred as the pearl of Indian ocean but now is at the brink of bankruptcy.
The Former Minister said the country is heading towards an unchartered territory and could end by like Zimbabwe or Venezuela.
Mangala Samaraweera said when he handed over the Finance Ministry in November 2019, the Treasury had USD 7.6 billion as foreign reserves adding that it will reduce to USD 2.6 billion on Tuesday.
Former Finance Minister Samaraweera noted that the government has to honour another USD 1 billion loan on Tuesday which was taken in 2011 and on the 31st of December, Sri Lanka development bonds amounting USD 1.3 billion must be paid.
He said Sri Lanka has never experienced such a reduction in reserves after the independence.
Mangala Samaraweera claimed that the impact will have major consequences on the country and the people.
On a separate note, former Minister Mangala Samaraweera said the government and the policies it stood for have not benefited the people.
He also said even the opposition has been a failure and noted that the country at present, requires an alternative and not a substitute.