Colombo, Sri Lanka (CNN)Sri Lankais "bankrupt" and Lanil Wikra Machine Millions of people are struggling to buy food, medicine and fuel, as Prime Minister Ha said on Tuesday, as the country has suffered the worst financial crisis in decades.
Wickremesinghe told lawmakers that negotiations with the International Monetary Fund (IMF) to revive the country's "collapsed" economy were "difficult." A country, not a developing country.
"We are currently participating in the negotiations as a bankrupt country, so we must face a more difficult and complex situation than previous negotiations," Wickremesinghe said in parliament.
"Our country is bankrupt, so we need to submit a separate debt sustainability plan to the (IMF)," he added. “Agreements can only be reached at the staff level if they are happy with the plan. This is not an easy process.”
Sri Lanka has record lows in foreign exchange reserves It is in the midst of the worst financial crisis in 70 years, after plunging to and short of dollars to pay for important imports such as food, medicine and fuel.
Schools have been shut down and fuel is restricted to essential services. In some major cities, including the commercial center of Colombo, hundreds of people have been queuing for hours to buy fuel, sometimes clashing with police and the military.
On Sunday, Sri Lanka's Minister of Energy, Kanchana Wijesekera, said the country had less than a day of fuel left.
"The recent global crisis has made this situation even worse, and we in the frying pan have fallen into the oven," Wijesekera said.
On Tuesday, Prime Minister Wickremesinghe said he hopes a report on debt restructuring and sustainability will be submitted to the IMF by August. Wickremesinghe said a comprehensive lending support program would be set up for four years if an agreement was reached.
His speech in parliament was interrupted by opposition lawmakers screaming "Gota Go Home." It is a reference to President Gotabaya Rajapaksa who was present.
For months, many Sri Lankans have asked Rajapaksa to resign from accusations of financial mismanagement.
Wickremesinghe said inflation would rise to 60% by the end of this year.
"This will be a difficult and painful journey," said Wickremesinghe. "But we can rest assured at the end of this journey. We can make progress."
The British government was essential to Sri Lanka on Tuesday due to the effects of the economic crisis. He said he advised against all trips except the ones.