Sri Lanka economic crisis: The economic crisis in Sri Lanka is deepening day by day, with the country running short of essentials including food, medicines and fuel, and millions of people are suffering from it. Sri Lankans are facing the worst economic crisis in decades, with inflation at an all-time high. Violence still rages on, with the government resigning a few days ago and the country being ruled by President Gotabaya Rajapaksa. Sri Lanka The crisis escalated like no other after it sharply devalued its currency last month ahead of talks with the International Monetary Fund (IMF) for a loan program.
In a recent development, Sri LankaThe Securities and Exchange Board of India has directed the Colombo Stock Exchange to suspend operations for a week from April 18 to help investors tide over the economic shock. Here are the latest developments on Sri Lanka’s economic crisis:
1. stock exchange will remain closedColombo Stock Exchange will shut down its operations from Monday following the instructions of the Securities and Exchange Commission of Sri Lanka. The SEC said in a statement on Friday that the stock exchange’s board of directors and other stakeholders had asked for a temporary halt to market proceedings. “The SEC has carefully considered the grounds that they have added and assessed the impact of the current situation in the country on the stock market, in particular the need to conduct an orderly and fair market for trading in securities.” capacity,” it said.
2. Scheduled power cuts to resume: After a temporary suspension due to the New Year’s festival in April in the country, Sri Lanka will be again subject to scheduled power cuts from Saturday, April 16. According to a report in DNA, Sri Lankan authorities will disrupt power services across the country in two-hour slots between 9 am and 6 pm. There will be no power cut at night.
3. cooking gas crisisSri Lanka has started the process of importing cooking gas through a credit line arrangement with India, with the chairman of the country’s state-run gas company Litro Gas resigning from his post on Friday, accusing it of being a gas mafia. was involved in corruption. The country’s biggest economic crisis. Theshara Jaisinghe, President and CEO of Litro Gas, the country’s largest importer and supplier of LPG, in his resignation letter to President Gotabaya Rajapakse, said: “I have initiated a process through the Indian High Commission to obtain an Indian credit line for imports. Had it. gas. It can be easily implemented”.
4. External debt payments suspended: Sri Lanka’s central bank said on Tuesday that repaying external debt has become “challenging and impossible” as it tries to use its dwindling foreign exchange reserves to import essential commodities such as fuel. The country has unilaterally suspended payment of foreign loans amid the crisis. We need to focus on urgent imports and not worry about repaying external debt, P. Nandalal Veerasinghe, Governor of the Central Bank of Sri Lanka, told reporters. Sri Lanka on Monday began formal talks with the global lender for an emergency loan until the country reaches agreements with creditors and supports a loan program with the International Monetary Fund (IMF).
5. Fuel Rationing Applicable: Sri Lanka has implemented fuel rationing from Friday with the state-run Ceylon Petroleum Corporation (CPC), which accounts for two-thirds of the retail fuel market, saying it will limit the amount drivers can buy, and it Pumping into the compartment will be completely banned to prevent that. Drivers stocking petrol and diesel for fear of further rationing.
(with agency input)
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