Sri Lanka, Aug. 20 -- The government yesterday rejected claims by former President Ranil Wickremesinghe that Sri Lanka could face an economic crisis in 2027/28, arguing that foreign reserves should be viewed only as an external buffer and not as the sole indicator of the country's economic progress.

Deputy Minister of Finance and Planning Dr. Anil Jayantha Fernando told Parliament that maintaining an external buffer was not an economic target in itself, but rather an estimate that could fluctuate depending on prevailing economic conditions.

He said the government was working to strengthen the country's external buffer while simultaneously stimulating economic activity and ensuring that the economy does not contract.

"Some are making a...