Sri Lanka to restrict fuel imports for next 12 months amid forex crunch
Sri Lanka will restrict fuel imports for the next 12 months because of a severe shortage of foreign exchange, its energy minister said on Monday, as the island nation’s new government seeks to find a way out of a crippling economic crisis.
The country of 22 million has been grappling with a lack of essentials, including fuel and medicines, for months, after its foreign exchange reserves ran dry because of economic mismanagement and the impact of the Covid-19 pandemic.
“Due to Forex issues, Fuel imports has to be restricted in the next 12 months,” Sri Lanka’s Minister for Power and Energy, Kanchana Wijesekera, said in a tweet, explaining the rationale behind a fuel rationing system that will be implemented this week.
