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ASIA/INDO-PACIFIC - News, Alerts, Intel Releases
Financial Crisis in Sri Lanka Worsens, Fuel Left For 5 Days
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<blockquote data-quote="Adam_Butler" data-source="post: 1203" data-attributes="member: 18"><p>Sri Lanka, which has a population of 22 million, is in one of the worst financial crunches in its experience in the last 70 years. There are mile long lines at gas stations, foreign exchange reserves have dwindled to nothing, and money is running out to pay for imported food, medicine, and fuel. Consumers are reportedly having to wait overnight in some cases for fuel.</p><p></p><p>Sri Lanka is currently awaiting confirmation from the Indian government for a credit line extension for fuel of $500 million to keep its consumers afloat. The country is overdue to supplier payments in the amount of $725 million and are struggling to open new lines of credit to other creditors for future shipments.</p><p></p><p></p><p></p><p>Sri Lanka has also reached out to other countries looking for support, one of them being Russia to discuss fuel import options. They are also in talks with the IMF for a bailout package. an IMF representative is to arrive on the 20th of June.</p><p></p><p>Source #1 <a href="https://www.reuters.com/world/asia-pacific/sri-lanka-receive-new-petrol-shipment-within-three-days-minister-2022-06-16/" target="_blank">Reuters</a></p><p></p><p>Source #2 <a href="https://www.usnews.com/news/world/articles/2022-06-16/sri-lanka-to-receive-new-petrol-shipment-within-three-days-minister" target="_blank">U.S.News</a></p><p></p><p>Source #3 <a href="https://www.aljazeera.com/news/2022/5/18/sri-lanka-minister-asks-people-not-to-queue-for-fuel-for-two-days" target="_blank">Aljazeera</a></p></blockquote><p></p>
[QUOTE="Adam_Butler, post: 1203, member: 18"] Sri Lanka, which has a population of 22 million, is in one of the worst financial crunches in its experience in the last 70 years. There are mile long lines at gas stations, foreign exchange reserves have dwindled to nothing, and money is running out to pay for imported food, medicine, and fuel. Consumers are reportedly having to wait overnight in some cases for fuel. Sri Lanka is currently awaiting confirmation from the Indian government for a credit line extension for fuel of $500 million to keep its consumers afloat. The country is overdue to supplier payments in the amount of $725 million and are struggling to open new lines of credit to other creditors for future shipments. Sri Lanka has also reached out to other countries looking for support, one of them being Russia to discuss fuel import options. They are also in talks with the IMF for a bailout package. an IMF representative is to arrive on the 20th of June. Source #1 [URL='https://www.reuters.com/world/asia-pacific/sri-lanka-receive-new-petrol-shipment-within-three-days-minister-2022-06-16/']Reuters[/URL] Source #2 [URL='https://www.usnews.com/news/world/articles/2022-06-16/sri-lanka-to-receive-new-petrol-shipment-within-three-days-minister']U.S.News[/URL] Source #3 [URL='https://www.aljazeera.com/news/2022/5/18/sri-lanka-minister-asks-people-not-to-queue-for-fuel-for-two-days']Aljazeera[/URL] [/QUOTE]
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Financial Crisis in Sri Lanka Worsens, Fuel Left For 5 Days
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