The economy is collapsing, but the government has no plan other than obtaining credit on IMF conditions and seeking loans from China which was their enemy in the past, he says.

No foreign investment had come to the country last year, says Gajadheera.

Owing to a decline in foreign exchange earnings, the rupee has been depreciating steadily and reached an all-time low of Rs. 150 to the US dollar yesterday (30).

Commenting on this, minister Harin Fernando says the rupee has devalued due to the previous regime’s having obtained credit from Mark Mobius by mortgaging state bonds.

That loan has now matured and has to be repaid, he notes.

Mobius, executive chairman of Templeton Emerging Markets Group, toured the island late last year.

Pictured below is a meeting between him and prime minister Ranil Wickremesinghe.