Sri Lanka’s inflation continues to increase and reaches nearly 60% as the economic crisis worsens.
Sri Lanka announces a week-long holiday amid fuel and food shortages caused by a worsening economic crisis.
The Sri Lankan economic crisis is an ongoing crisis in the island-state of Sri Lanka that started in 2019. It is the country’s worst economic crisis since its independence in 1948. It has led to unprecedented levels of inflation, near-depletion of foreign exchange reserves, shortages of medical supplies and an increase in prices of basic commodities.
Sri Lanka, which has run out of dollars to purchase fuel and is printing rupees to pay local salaries, aims to stop injecting local currency to quash Asia’s fastest inflation. The inflation rate is estimated to reach 60%. Amid the unprecedented fuel crisis, the Sri Lankan Education Ministry declared the next week, starting from July 4, a holiday week for all the govt and state-approved private schools. The Sri Lankan Minister said that in the next vacation term, the school will cover the syllabus.