Sri Lanka Crisis: Sri Lankan President Rajapaksa hopes of getting funds from Japan soon

Sri Lankan President Gotabaya Rajapaksa on Thursday expressed his hope for some financial help from Japan as he urged "international friends" to extend support and solidarity" to his country at this "very difficult time”. Addressing the 27th International Conference on the Future of Asia in Tokyo, Japan, via video call, the President said he hoped that the deal with Japan would take place soon. 

“Japan remains one of Sri Lanka’s key development partners, and we hope that the negotiations now underway regarding bridging funds from Japan will conclude soon, and support Sri Lanka as we try to stabilize our economy and our nation," the President said.

"The virtual shutting down of the tourism industry and the sharp decline in inward remittances from expatriate workers due to COVID-19 in the past two years and increasing inflation due to other events combined with Sri Lanka’s high-outstanding debt obligations to cause a severe financial crisis," he said.

"As we work through such solutions, however, we urgently require the assistance of our friends in the international community to ensure that our immediate needs in terms of the importation of essential medicines, food supplies, and fuel are met," he said.

He also urged other countries who have friends with Sri Lanka  “to also explore the possibility of extending support and solidarity" to the country at this very "difficult time”.

For unreserved Sri Lanka is presently facing a foreign exchange shortage which has led to a fuel, power, and gas shortage, and has sought the assistance of friendly countries for economic assistance. Sri Lanka is witnessing at least 10-hour daily power cuts. Sri Lanka's currency has been also devalued by almost SLR 90 against the US dollar since March 8. Sri Lanka's economy has been in a free fall since the COVID-19 pandemic due to the crash of the tourism sector.