15 May 2022
Sri Lankans continued to queue for essential fuel, cooking gas, food and medicine in Colombo on Saturday, as the country's economic crisis continues.
The Indian Ocean island nation is on the brink of bankruptcy and has suspended repayment of its foreign loans pending negotiations on a rescue package with the International Monetary Fund.
The finance ministry says the country currently has only 25 million USD in usable foreign reserves. Shortages of hard currency have also hindered imports of raw materials for manufacturing and worsened inflation, which surged to 18.7% in March. Sri Lanka's president swore in four new Cabinet ministers on Saturday in an effort to ensure stability until a full cabinet is formed.
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