Two major Sri Lankan newspapers suspend print editions as economic crisis surges

With Sri Lanka's economic situation getting worse, two of the country's major newspapers are suspending their print editions dueto a lack of paper.

The island is facing its worst economic meltdown since it gained itsindependence from Britain in 1948.

The country was already in a big economic crisis when the pandemic began, reducing foreign worker remittance and damaging a key source of dollars for Sri Lanka's economy, the tourism sector.

Upali Newspapers said that their English- language daily, The Island and its Sinhalese version, Divaina will now only be available online"in view of the prevailing newsprint shortage"in the country.

Other main nationaldailies have also reduced the number of pages in their editions after the costs hikedby over a third in the past five months and having difficulties securing supplies from abroad.

Schools in Sri Lanka have had to postpone tests for three million students as the school authorities failed to source ink and papers.

People have to wait for hours in a queue at gasoline pumps. At least four people have died waiting in long queues in the past week.

The government earlier this month allowed the rupee to depreciate and also announced that it isseeking help fromIMF to clear its foreign debt.

The country is also seeking loans from India, China and other countries to overcome the current economic crisis.

The South Asian Island nearly needs $7 billion to pay for its external debts. The country’s foreign reserves have hit a low since the current government came in power in November 2019,from $7.5 billion to $2.3 billion.

Watch |Gravitas: What caused Sri Lanka's economic crisis?

Sri Lanka has witnessed a record inflation of 17.5 per cent in February. This is fueled by the dollar shortage which has sparked energy shortages that are affecting all sectors and has led to skyrocketing prices with inflation reaching its fifth consecutive monthly high. Officials of the Energy Ministry said that they have managed to raise $42 million has been by Friday. These funds will be usedto pay for a cargo of diesel and aviation fuel that has been held up at the Colombo port for nearly two weeks as there wereno dollars to pay for it. (With inputs from agencies)