Sri Lanka's Prime Minister says the country's economy has collapsed

After months of shortages of food, fuel and electricity, Sri Lanka's Prime Minister says his country's economy has completely collapsed. The government there is seeking help from international lenders, as politicians in Australia, clash over how best to approach the crisis.

Source: EPA / CHAMILA KARUNARATHNE

Sri Lankans have been crying out for the most basic essentials for months now.

Those appeals have all but gone unanswered.

Now, the nation's Prime Minister is delivering the brutal truth - that the country is on track to hit rock bottom.

Already in debt and with over 50 billion dollars owed to foreign creditors - Sri Lanka's only option - is tough austerity measures and an International Monetary Fund (IMF) bailout.

The IMF has been in the country this week to negotiate a rescue package.

But Asia Securities economist Lakshini Fernando says it's all come too little too late.

Meanwhile, the new Home Affairs Minister has travelled on a low-profile trip to Colombo pledging 50 million dollars in aid.

SBS has put these concerns to the office of the Home Affairs minister but is yet to get a response.

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