Sri Lanka's newly appointed Prime Minister announced to raise the fuel and electricity rates

Sri Lanka's newly appointed Prime Minister announced to raise the fuel and electricity rates

Sri Lanka’s newly appointed Prime Minister has announced that the cash-strapped island nation has run out of petrol stock, as he said the country desperately needed to secure $75m in foreign exchange in the next few days to pay for necessary imports, including medicine.

Wickremesinghe assumed office on Thursday after his predecessor Mahinda Rajapaksa resigned after weeks of protests over the government’s dealing of the economic crisis turned deadly.

“We have run out of petrol … At the moment, we only have petrol stocks for a single day,” Ranil Wickremesinghe said on Monday in an address to the nation, as the country suffers from fuel and medicine shortages.

As for his statement, the coming months will be the hardest situation the country has ever gone through. And this will affect all the factors of life, not just the industrial sectors and manufacturing sector, but also day to day life, the nation is already challenged with the crisis which affects the children going to school, and every aspect of life in such a situation is pressuring on citizens who caught up in the middle of the country crises could not do anything than just waiting for the nation to return in shape as it was by doing the effort of trusting the process of government.

Mr. Prime Minister said the government was also unable to raise dollars to pay for three cargoes of oil, with the ships awaiting outside the Colombo harbor for payments before expelling their cargoes.

He declared that the government had also tight of cash to pay 1.4 million civil servants their salaries in May, and he will turn to money printing as a last resort.

“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,” he said.

He also warned that fuel and electricity fees will be raised substantially and his government will also sell off its revenue-losing national carrier to reduce losses.

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