New Delhi: Sri Lanka’s Energy Minister Uday Gammanapila warned on Friday that the country would run out of fuel by the third weak of January. He urged the Central Bank to release necessary foreign exchange for imports.
The minister’s warning came just after the Ceylon Electricity Board issued a statement, asking citizens to be prepared for power cuts in the coming days due to their inability to buy fuel.
He said, ‘This danger is looming about which I have informed the cabinet on at least 8 occasions. The central bank will have to ensure that letters of credit for cooking gas and fuel are opened. We can replace imported food with some local varieties, but it is not possible for fuel,” said Gammanapila.
The Sri Lankan government on Tuesday announced a USD 1.2 billion economic relief package amid a severe foreign exchange crisis grappling with the island nation. However, last week, the Central Bank of Sri Lanka announced that the country’s foreign exchange reserves had doubled in a span of just one month, touching USD 3.1 billion.
According to sources, the 10 billion yuan ($1.6 billion) currency swap agreement with China on March 21 this year boosted forex reserves.
Energy Minister’s remarks An agreement with India to jointly redevelop the strategic World War II-era oil tank farm in Trincomalee, the island nation’s eastern port district, marks a new milestone in bilateral economic and energy partnership by the Sri Lankan government. A few hours after signing. ,
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