Sri Lanka, May 24 -- The Leader of the Opposition, Sajith Premadasa has warned that Sri Lanka could face a renewed risk of bankruptcy and called on the present government to immediately pursue a successor agreement with the International Monetary Fund (IMF), cautioning against what he described as "arrogance" in economic decision-making.

Addressing a meeting held at the Samagi Jana Balawegaya (SJB) headquarters to initiate discussions on forming the party's teachers' union, Opposition Leader Premadasa said that despite government claims that the country's economic situation is stable, available data suggests otherwise.

He noted that while the President has stated that Sri Lanka's foreign reserves stand at around US$7 billion, a portion ...