The Sri Lankan Government through its prime minister has shared the possibility of its worst economic crisis in more than 70 years as its last day of petrol is faced.
Ranil Wickremesinghe, the prime minister addressed the nation stating the need for an urgent $75m of foreign currency to assist transact for imports necessities in supply.
Raised a concern as he added that the state-owned Sri Lankan Airlines may be privatized as the central bank is forced to print money for paying government wages.
The nation is facing soaring inflation rates and inadequate foreign currency that is leading to a severe shortage of medicines, and fuel among other essentials.
A hard-hitting economy is faced due to adverse effects of the pandemic that have seen a rise in populist tax cuts and energy prices.
Fuel Shortage Dilemma.
There have been long queues witnessed in several petrol stations as from Monday early morning, especially in Colombo where the Rickshaws, known popularly for transport queued for hours.
The vehicles were also caught in the mix up to 2 km queues formed in Colombo and the petrol stations around the Capital.
This comes amid protests from the people against the government that also saw to the president’s elder brother Mahinda resigned as prime minister after government supporters clashed with protesters. Nine people died and more than 300 were wounded in the violence
Wickremesinghe on Monday addressed stated that the petrol stocks available were for a single day only. This deems the next months to be the most difficult ones for the lives of the people in Sri Lanka.
Even though shipment of petrol and diesel using a credit line with India could provide fuel supplies in the next few days. “Against my own wishes, I am compelled to permit printing money in order to pay state-sector employees and to pay for essential goods and services. However, we must remember that printing money leads to the depreciation of the rupee,” he concluded.