Sri Lanka Economic Crisis Live Updates: Protesters demand Gotabaya Rajapaksa’s resignation; MK Stalin seeks PM Modi’s nod to help Sri Lankan Tamils

A man waits to purchase diesel at a fuel pump in Colombo, Sri Lanka, Wednesday, March 30, 2022. (AP)

Swathes of Sri Lanka faced prolonged power cuts on Wednesday as a deepening economic crisis roiled markets and buffeted businesses, with the government unable to pay for fuel shipments because of a foreign exchange shortage, an official said.
The country of 22 million people is seeking assance from the International Monetary Funds (IMF), having slid into its worst economic crisis in decades as a result of badly-timed tax cuts, the impact of the COVID-19 pandemic and horically weak government finances. Sri Lankan shares fell more than 7%, prompting the Colombo Stock Exchange to halt trading twice.
Foreign exchange reserves have fallen 70% in the past two years and were down to a paltry $2.31 billion as of February, leaving Sri lanka struggling to import essentials, including food and fuel.
Janaka Ratnayake, Chairman of the Public Utilities Commission of Sri Lanka, said the drawn-out power cuts were partly a result of the government’s inability to pay $52 million for a 37,000 tonne diesel shipment that is awaiting offloading. — Reuters