🚨 Sri Lanka is on the verge of default after missing payments on two of its sovereign bonds. The 30-day grace period ended this Wednesday, and rating agencies are expected to place the country into default.
The Energy Minister announced that Sri Lanka has run out of money to pay for fuel, leading to widespread shortages. Motorists, auto-rickshaw drivers, and regular citizens lined up for hours in Colombo to buy fuel and kerosene for cooking. With 22 million people enduring hardships amid record inflation, prolonged power blackouts, and food insecurity, the situation is becoming increasingly dire.
Power and Energy Minister Kanchana Wijesekera appealed to the public to stop queuing for the next two days, informing parliament that Sri Lanka currently lacks the necessary dollars to pay for petrol shipments. This move is aimed at alleviating the fuel crisis, but the road to recovery remains uncertain.
As the nation grapples with these economic challenges, the resilience of the Sri Lankan people is being tested like never before. Stay tuned to NewspaperAmigo.com for more updates on this developing story. 🌍💬✨
