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Sri Lanka’s Economic Crisis: Diesel Ships Arrive in Lanka in an Emergency: 10 Points


Sri Lanka has declared a state of emergency amid the worst economic crisis ever

New Delhi:
A ship carrying 40,000 tonnes of diesel under a $ 1 billion line of credit granted to Sri Lanka by India has reached the island nation. The fuel will be distributed throughout Sri Lanka this afternoon.

Here is your 10 point cheat sheet for this great story:

  1. The country of 22 million people is in the grip of its worst recession since independence, triggered by a severe shortage of foreign currency to pay for even the most important imports.

  2. Diesel – the main fuel for buses and commercial vehicles – is not available at stations across the island, according to officials and media reports – crippling public transport.

  3. Private bus owners – who account for two -thirds of Sri Lanka’s fleet – said they had run out of fuel and skeleton service may not be possible after today.

  4. Sri Lankan President Gotabaya Rajapaksa declared a state of emergency on Friday, giving full powers to security forces a day after hundreds tried to storm his home in anger over an unprecedented economic crisis.

  5. Mr Rajapaksa used harsh laws that allowed the military to arrest and detain suspects for long periods without trial as demonstrations calling for his removal spread across the island nation.

  6. The southern towns of Galle, Matara and Moratuwa also saw anti -government protests, and similar demonstrations were reported in the northern and central regions. All hold traffic on the main road.

  7. The Rajapaksa office said on Friday that protesters wanted to create an “Arab Spring” – referring to anti -government protests in response to corruption and economic stagnation that gripped the Middle East more than a decade ago.

  8. One of the President’s brothers, Mahinda, serves as Prime Minister while the youngest, Basil, is Finance Minister. His eldest brother and nephew also hold cabinet posts.

  9. Sri Lanka’s plight has been compounded by the COVID-19 pandemic, which has affected tourism and remittances. Many economists also said the crisis had been exacerbated by government mismanagement and loans accumulated over the years.

  10. The latest official data released on Friday showed inflation in Colombo hit 18.7 per cent in March, the sixth consecutive monthly record. Food prices jumped a record 30.1 percent.

Agrasmartcity

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