Sri Lanka only has enough fuel for about five more days, minister says
Sri Lanka’s fuel stocks only will last for five more days according to its power and energy minister on Thursday. The island nation is waiting for an official confirmation from the Indian government for a $500 million credit line for fuel. The country is in the midst of its worst financial crisis in seven decades.
The foreign exchange reserves in the country are at record lows, with dollars running out to pay for medicine, fuel and food. There have been kilometer long lines at some gas stations countrywide as chronic fuel shortages have worsened this week. A month ago, the prime minister said there was only enough petrol for one day as the stocks cover fuel for industries, vehicles and some essential services. Sri Lanka cannot make its $725 million in overdue payments to supplies and is having difficulty opening credit lines for future shipments. The Power and Energy Minister Kanchana Wijeseker said the government will be managing existing stocks of diesel and petrol until June 21st. They ar expecting a petrol shipment within the next three days and two more in the next eight. Sri Lanka has received $3 billion from India in assistance and the country has reached out to many countries for fuel import options. Sri Lanka is also discussing a bailout package from the International Monetary Fund and a delegation from the IMF is expected to arrive on June 20.