Sri Lanka’s foreign exchange reserves are at a historic low of $1.92 billion. The 22-million-person island struggles to import food, medicine, and gasoline. The government halted urban schools for two weeks on Tuesday and limited gasoline supplies to key services. COLOMBO: Sri Lanka will allow oil-producing countries to import and sell petroleum, the power and … Read more
Sri Lanka raises fuel prices by 15% and 22%, worsening the plight of ordinary people. US officials arrive in Colombo for talks to try to resolve the economic crisis. The government declared bankruptcy in April after failing to pay its $51 billion in foreign debt. Sri Lanka hikes fuel prices, aggravating the misery of ordinary … Read more
COLOMBO: Sri Lanka’s public transport was crippled on Wednesday as buses ran out of diesel, officials said as the country’s foreign exchange crisis worsened with no dollars to import fuel. The Private Bus Owners’ Association said they were able to operate only about a quarter of their fleet of 20,000 vehicles, while drivers reported queuing for … Read more
COLOMBO: Sri Lanka raised fuel prices on Tuesday and warned of possible petrol rationing with importers struggling to pay for oil, in a worsening economic crisis that has also sparked food shortages. The move comes just days after international ratings agency Fitch downgraded the country over fears of a sovereign default on its $26 billion foreign … Read more
