Sri Lanka is witnessing its worst economic crisis since independence. This acute shortage of resources is due to lack of foreign currency to pay for the most essential imports too. Since they have a shortage of foreign exchange, they are unable to pay for fuel shipments. According to NDTV, they are trying to balance things with the assistance from the IMF.
Reasons
The main reasons for the downturn is weak government finances, badly timed tax cuts and above all COVID-19 pandemic. These factors have hit tourism industry, which is very important there. This brought the economy and triggered a currency crisis. Which in turn disrupted fuel imports and caused sky rocketing food prices.
Crisis
Tension prevails in Sri Lanka over shortages. The shortages have led to incidents of violence among the residents, who are struggling to buy fuel and other essential goods. The motorists have to wait in lng queues at fuel pumps early in the morning and wait there for hours.
Some of them line up with their cans and gas cylinders so that their place is hold and wait for their turn in the shade.
Bad situation
The situation is so bad there that the military posted soldiers at hundreds of gas stations on March 22. People are complaining of stockpiling and inefficient distribution. Farmers and fishermen are very unhappy, hence have joined a growing wave of protests.
The government postponed term tests indefinitely for millions of students as there are no enough dollars to pay for paper and ink.
Second jobs
Due to fuel shortages, power cuts and soaring food prices, many Sri Lankans are forced to take up second jobs to survive the crisis.
Diesel Shortage
Diesel shortage crippled the transport system which is resulting in long power blackouts. Petrol also is in short supply, which is forcing the motorists to leave their cars in long queues.
Buses are not plying now and the diesel which is left over in the buses in the garage for repairs are being used to operate serviceable vehicles.
The two-thirds of the country’s buses are owned by private owners. Due to the shortage of fuel, even they are hit as they are already out of oil. They complained that after Friday, they may not be able to run even a bus.
Electricity Shortage
The State electricity monopoly imposed a 13 hour power cut as they do not have diesel for generators. They are turning off the street lights in order to save electricity.
Protests
The people of Sri Lanka are vexed with the crisis and started to protest against the government. Around 2000 people held protest march in the Sri Lankan capital and clashed with the police outside the home of Sri Lankan President Gotabaya Rajapaksa. They demanded the resignation of the President and the powerful Rajapaksa family to step down.
The President’s elder brother Mahinda is the Prime Minister, the youngest is the finance minister, the eldest brother is Agriculture Minister and nephew is the sports minister.
Women and men shouted slogans against the family, “lunatic, lunatic go home”
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