SRI LANKA DECLARES EMERGENCY OVER MONEY AND FOOD.

WHAT HAS HAPPENED?

Sri Lanka on Tuesday declared a state of emergency over food shortages as private banks run out of foreign exchange to finance imports.

The emergency regulations issued under public securities ordinance by President Gotabaya Rajapaksa allow government official to seize food stocks held by traders and arrest people who hoard essential food.

WHAT GOVERNMENT IS DOING NOW?

Officials were ordered to ensure that essential items, including paddy, rice and sugar are sold at government mandated prices or prices based on import cost at customs and prevent hiding of stocks.

The president has also appointed a major General to oversee food distribution as prices of goods skyrocket even as a country foreign exchange reserves drop amid failed bond auctions.

Long queues to buy milk powder, sugar and cooking oil have been reported from various part of the nation amid rising COVID-19 cases and 16-day curfew until next Monday.

Energy minister Uday Gammanpila has appealed to the citizens to use fuel sparingly so that the country can use its foreign exchange to buy essential medicines and vaccines.

WHAT HAPPEN TO THE FOREX RESERVES?

Sri Lanka foreign reserve fell to $2.8 billion at the end of july 2021, from $7.5 billion in November 2019 when the government took office.

A huge trade deficit has been deepening the country financial quandary for years.

The nation has been under the worst import controls since the 1970s.

FOREIGN DEBT

This year, Sri Lanka still has two more foreign debt payment of $1.5 billion each due in next 12 Months.

It has already paid $1.3 billion so far.

with the Sri Lanka rupee depreciating at an all - time , future payments would become costlier.

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