Authorities declare Friday a public holiday; major highways and local routes are left high and dry amid the fuel crisis.
Colombo: The Sri Lankan nation today, amid its peaking financial crisis, announced Friday a public holiday to curtail vehicular movement and fuel consumption.
The Island in the Indian subcontinent that experiences the worst economic stagnancy presently loses hope as no fresh fuel supply has been announced.
Minister of Energy and Power Wijesekera commented yesterday that the state-operated Ceylon Petroleum Corp has not received any new suppliers as previous outstanding payments have not been fulfilled so far.
Riots and gatherings across the nation have erupted of late, demanding President Gotabaya Rajapaksa’s ejection from his position. The leader who came to power in 2019 is currently dragged all across the Island nation for his poor economic decisions.
Critics from the opposition argue that the poor administration is currently responsible for the nation’s severe shortage of fuel and medicine, inflation hike (40%), power outages lasting 13 hours, and the penultimate amount of severe debt the nation owes to several other countries.
Top officials said that the administration had reportedly requested the Indian government for $500 million credit for importing fuel and other supplies.
Prime Minister Ranil Wickremesinghe commented that the nation would require a loan of $6 billion from the IMF to stay afloat in the upcoming 6 months.
According to Bloomberg, the nation currently experiencing the worst economic meltdown and political instability are en route to an unavoidable financial recession.
The nation’s fuel stock will only last about five more days, quoted officials.
While authorities are looking to fast-track bailout conversations with the IMF, public life and the economy are forced to hold their breath and hope for the best.
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