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Fuel Shortages, Power Cuts: Sri Lanka’s Forex Shortage Spirals Into Crisis

  • ‘This is a sad day,’ official tells reporters at briefing
  • Government is seeking aid including from India, China, IMF
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WATCH: The Center for Policy Alternatives Founder Saravanamuttu believes Sri Lanka’s aid from the IMF will help restore access to finance and credibility.Markets: Asia”.

Sri Lanka’s government extended the duration of daily electricity outages to 10 hours, refiners advised citizens not to queue at fuel stations as diesel runs out, and state-run hospitals don’t have enough life-saving medicines as the nation’s foreign-currency shortage spirals into a worsening humanitarian crisis.

“This is a sad day,” Morning newspaper cited Janaka Ratnayake, chairman of the Public Utilities Commission of Sri Lanka, as telling reporters in Colombo Tuesday after increasing the power cuts from seven hours a day.