Socialist youth union members shout slogans outside the presidential office to protest the worst economic crisis in memory in Colombo, Sri Lanka, Friday, March 18, 2022.
Highlight
- Sri Lanka facing worst economic crisis since independence
- Power cut is happening for 13 hours, lack of fuel increased the tension
- India has come to the rescue with around $2.5 billion in financial assistance
Sri Lanka is facing an unprecedented economic crisis as the country sees massive power cuts lasting 10 to 13 hours, fuel shortages and spillovers from the crisis in Ukraine have sent the island nation ashore.
The island nation is facing its worst economic crisis since independence, mainly due to a lack of foreign exchange and rapid depreciation of its currency.
Meanwhile, reports have emerged that thousands of people, who have been facing deep economic crisis for weeks, protested in the capital Colombo.
The protesters took out a march on Thursday and clashed with the police. If reports are to be believed, a special task force will have to be deployed to control the crowd.
Immediate neighbor India has come to the rescue with around $2.5 billion in financial aid since January to purchase essentials like fuel, food and medicines.
The island nation awaits the arrival of a diesel shipment under the Indian credit line on Saturday, disrupting 13 hours of electricity supply across the country.
Power Minister Pavitra Vanniarachi told the media on Thursday that the ongoing 13-hour power cut could be reduced to two hours with diesel shipments arriving on the island under a $500 million line of credit from India.
He said the shipment would arrive on Saturday night and the Ceylon Electricity Board would be able to restore power from Sunday.
Power cut may last till May
However, he warned that with hydropower generation stalled and fuel shortages due to lack of rain and dollar shortages, the situation is unlikely to improve and power cuts will continue until May.
Daily trading on the Colombo Stock Exchange (CSE) was restricted to two hours from Thursday due to widespread power cuts across the country.
Sri Lanka mainly depends on thermal power generated from coal and fuel oil and hydropower. Power generation from the fuel was limited to two diesel power plants while the rest were closed.
,IANS, AP. with inputs,
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