Sri Lanka has only five days of fuel left

Sri Lanka’s fuel stocks, which have been in a major economic and financial crisis for months, will only last five days, the country’s energy ministry said on Thursday, Reuters reported. Sri Lanka is awaiting confirmation of a $ 500 million loan it would receive from India.

The country of 22 million people is in the worst financial crisis in the last seven decades after its foreign exchange reserves were almost depleted. Sri Lanka has run out of dollars to pay for essential imports – food, medicine and fuel.

The chronic shortage of fuel has worsened this week, and long queues have formed at gas stations across the country, sparking sporadic protests.

Sri Lanka is unable to pay $ 725 million in debt to distributors and is struggling to get new lines of credit for future deliveries.

“We are struggling to get fuel reserves. The government will try to maintain the existing stocks until June 21.

It is very difficult for us to meet the demand, and our stocks could disappear even faster if we do not give up non-essential travel and if people do not stop storing fuel unnecessarily.

We expect a delivery in the next three days and another two for the next eight days, “said Sri Lanka’s energy minister.

The situation in Sri Lanka

Sri Lankan Prime Minister Mahinda Rajapaksa resigned on May 9 amid the island nation’s worst economic crisis since independence in 1948, which has led to widespread protests and shortages among citizens. Opposition leader Ranil Wickremesinghe was appointed in his place.

The country with a population of 22 million suffers from a lack of essential goods, food, fuel, medicine and is facing daily power outages and record inflation, with nothing suggesting an end to economic hardship.

The government, which acknowledged it was the worst economic crisis since independence from Britain in 1948, called for help from the International Monetary Fund, but negotiations could take until the end of the year.

Sri Lanka is ruled by the Rajapaksa family. The president’s brothers have served as finance minister, prime minister and agriculture minister. His nephew is the Minister of Sports.

People are furious at the huge rise in living costs – food prices have started rising sharply since the end of 2021, and now people are paying up to 30% more for food than a year ago. Because of this, many people in Sri Lanka have started giving up meals.

In addition to food supply problems, Sri Lanka is also facing an acute shortage of fuel and medicines, and power outages have caused new problems for society as a whole. The medical system is on the verge of collapse due to a lack of medication.

The economic problems of the Asian state are largely due to the fact that it has run out of foreign exchange reserves. The country, heavily dependent on imports, can no longer afford to buy food or fuel.

Editor: Adrian Dumitru

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