Country facing economic crisis says Bandula

(May 29, Colombo, Sri Lanka Guardian) Trade Minister Bandula Gunawardena said today that Sri Lanka is facing a severe economic crisis as is the case the world over and added that President Mahinda Rajapkse will announce next week, precautions the government will take to face the crisis.

Meanwhile the Minister said a barrel of crude oil has risen to 136 dollars today from the price of 29 dollars in 2003.

In the year 2003 the government spends only 838 million US dollars to import oil. Minister Gunawardena has pointed out however, this expenditure has been increased to 2497 million US dollars by last year.

He further said therefore the government is compelled to spend a further 350 billion rupees this year to import oil.
- Sri Lanka Guardian