Sri Lanka has declared a state of emergency as the food crisis worsened after private banks ran out of foreign exchange to finance imports. With the country suffering a hard-hitting economic crisis, President Gotabaya Rajapaksa said he ordered emergency regulations to counter the hoarding of sugar, rice and other essential foods. The Sri Lankan rupee has fallen by 7.5% against the US dollar this year.
Rajapaksa has named a top army officer as “Commissioner General of Essential Services to coordinate the supply of paddy, rice, sugar and other consumer goods”. The move followed sharp price rises for sugar, rice, onions and potatoes, while long queues have formed outside stores because of shortages of milk powder, kerosene oil and cooking gas.
Buy Prime Test Series for all Banking, SSC, Insurance & other exams
The government has increased penalties for food hoarding, but the shortages come as the country of 21 million battles a fierce coronavirus wave that is claiming more than 200 lives a day. The economy shrank by a record 3.6 per cent in 2020 because of the pandemic and in March last year, the government banned imports of vehicles and other items, including edible oils and turmeric, an essential spice in local cooking, in a bid to save foreign exchange.
Important takeaways for all competitive exams:
Throughout history, many kings became famous not only for ruling their kingdoms but also for…
In an important leadership development in India’s private banking sector, Kotak Mahindra Bank has appointed…
India achieved another defense milestone as DRDO successfully flight-tested the Man Portable Anti-Tank Guided Missile…
The Government of India has taken a major step to strengthen agricultural exports from Chhattisgarh.…
Indian cricket star Virat Kohli has once again etched his name into the record books.…
Asia is a vast continent known for its powerful mountains, deep valleys, and stunning natural…