Alarming! Sri Lanka Announces Two-Week Halt For Fuel Sales As Economic Crisis Deepens

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Alarming! Sri Lanka Announces Two-Week Halt For Fuel Sales As Economic Crisis Deepens

Cash-trapped Sri Lanka is facing the worst economic crisis as they run short of supply for essential items like fuel, food, and medicine. The schools are closed, and people have been asked to work from home to fight the battle against the severe fuel crisis in the country.

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The economic crisis has become worse in Sri Lanka as the country has gone short of supply of essential items like fuel, food, and medicine. The government of Sri Lanka has limited the fuel supply for essential services in the country starting from Tuesday. To combat the crisis, the government has shut schools across the country and insisted employees work from home as it will save fuel. The country is facing the most significant economic crisis since its independence in 1948.

From Bad To Worse!

The import-dependent economy of Sri Lanka now also grapples with a shortage in foreign currency which led to a deficiency in the supply of essential items. The country witnessed the highest inflation record in May for the eighth consecutive month. According to the statistics department, the Colombo Consumer Price Index (CCPI) rose 39.1 per cent year-on-year (YoY) in May. The food inflation saw a high jump at 57.4 per cent, which obstructed the people to contribute to the cash-flow market of Sri Lanka.

The government spokesman, Bandula Gunawardana, said, "From midnight today, no fuel will be sold except for essential services like the health sector, because we want to conserve the little reserves we have. Regret the inconvenience caused to the people," reported Hindustan Times.

Along with record inflation and foreign currency shortages, the island nation is now facing long-time power blackouts in many places. The acute shortage in the supply of essential items is because the government tumbles to hold dollars to finance imports. Earlier today, there were long queues in the petrol stations and ration shops as Colombo announced a token system for people to make ends meet.

International Overview Of Sri Lankan Crisis

A high-level United States (US) delegation arrived in the crisis-hit island nation on Monday and met the Lankan president Gotabaya Rajapaksa to discuss the current prevailing issues in the country. The US Ambassador, Kelly Keiderling, said, "It's a challenging time, but we continue to deliver assistance and long-term partnership to help Sri Lanka achieve a prosperous, secure & democratic future."

Earlier this month, the United Nations (UN) launched an emergency response to combat the economic crisis, feeding numerous pregnant women amid a shortage in the food supply. The UN mentioned that four out of five people in the cash-trapped nation have started skipping their meals as they are no longer afford the record-high prices of food.

In April, the Lankan administration defaulted on a $51 billion debt by the International Monetary Fund (IMF) and is now in talks to settle for a bailout.

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