By Mahua Venkatesh New Delhi, December 25th: Sri Lanka has been hit hard by a shortage of cooking fuel.Many restaurant and hotel owners on the island have had to close down due to a lack of cooking gas.This could be a major blow to Sri Lanka, as its tourism sector is a vital part of the economy.
ICRA Lanka stated that imports of fuel, gasoline, and milk powder have been decreasing as the economy is in crisis.
Foreign exchange reserves of the island nation have dropped to historic lows, and they are only sufficient to sustain imports for a month.
According to the Daily Mirror, the shortage of cooking gas has forced canteens and restaurants to close their doors.
Meanwhile, the lack of milk powder has caused small grocers around the city to accumulate 450 grams packs in order to sell these small amounts at 50g and 100g to customers.This is a way to make traders rich.
Read also: India looks at currency swap options to aid exporters after Sri Lanka’s plunge into the forex crisis
India Narrative was informed by a Sri Lankan foreigner that there is uncertainty in the market for restaurant and hotel owners.
In Sri Lanka, the inflation rate has already surpassed double-digits in November.
This is causing food prices to soar like never before.Sri Lanka had an inflation rate of 11.1 percent in November.
Daily Mirror reported that rating agency ICRA Lanka stated that people are being forced to consume less due to rising food prices of up to 20%.
Although the pain in Sri Lanka is unlikely to ease soon, Colombo continues to make every effort to attract tourists.It is expected that 2022 will be referred to as the ‘Visit Sri Lanka year’.
(The content of this article is carried in accordance with Indianarrative.com
–indianarrative
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