Sri Lanka Economic Crisis: Fuel Pumps to Go Dry by April End
New Delhi: Sri Lanka may run out of diesel by the end of this month with the USD 500 million line of credit extended by India for fuel purchase exhausting fast amidst the unprecedented shortage of foreign reserves, says a media report.
The officials of Sri Lanka said that “fuel shipments to Sri Lanka started coming in late March due to the urgency of the situation although they were scheduled to start from April 1. Three more Indian shipments are due on April 15, 18, and 23 and the facility would be fully exhausted by then unless the Sri Lankan government sought a further extension from India.”
Chief Minister M K Stalin on Thursday apprised the Centre that Tamil Nadu is ready to ship essential commodities like rice and life-saving drugs to Sri Lanka, considering the welfare of Tamils, and sought permission for its distribution there through the Indian High Commission.
The trade experts on the other side say “The textile hub of Tiruppur in Tamil Nadu and tea estates of southern India are facing an increase in demand for their products as Sri Lanka’s economic crisis deepens. Sri Lanka was the major exporter of garments and tea. Global brands such as Zara, Mango, and H&M place orders with Asian countries, including India, Sri Lanka, Bangladesh, Cambodia, and Vietnam.”
The head of Sri Lanka’s main opposition party said on Friday it would move a no-confidence motion in parliament against the government if it does not take measures to address the country’s financial crisis and improve governance.
(Vinayak)
