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Sri Lanka Seeks Foreign Currency Donation as Thousands of Workers Go on Strike Demanding Govt Ouster
Sri Lanka Seeks Foreign Currency Donation as Thousands of Workers Go on Strike Demanding Govt Ouster
Sputnik International
The Sri Lankan government is negotiating with the International Monetary Fund (IMF) and others to receive much-needed funds to support the country's economy... 28.04.2022, Sputnik International
2022-04-28T07:08+0000
2022-04-28T07:08+0000
2022-07-19T10:43+0000
sri lanka
economic crisis
financial crisis
colombo
trade union
strike
gotabaya rajapaksa
mahinda rajapaksa
imf loan
world bank
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Sri Lanka has launched a foreign currency donation drive on Thursday to accumulate money for imports of food and medicine.The Central Bank of Sri Lanka issued a public notice addressing people of any nationality, saying, “your foreign currency donations are much needed to help ease the difficulties faced by people of Sri Lanka.”It has published account numbers in different banks to receive money in USD, euros, pounds, Japanese yen and Australian dollars.The Central Bank assured the donors that it would utilise their donations only to import much-needed essential items such as medicine, fuel, and food.Despite several steps announced by the government and the Central Bank over the past few weeks, the country faces a forex shortage and is even unable to pay for food and fuel.On Thursday, a massive nationwide strike is being observed by thousands of trade unions from the government, semi-government and private sectors, crippling transportation, health services, and shipping activities, among others in the island nation.Workers are demanding the immediate resignation of President Gotabaya Rajapaksa, Prime Minister Mahinda Rajapaksa, and the government.In a statement, the United Trade Unions and Mass Organisations (UTUMO) said that the decisions made by the present government have made life difficult for the general public.Central Bank data shows a jump of 140% in prices of essential items since January this year.The Sri Lankan government started negotiations with the International Monetary Fund last week, seeking at least $3-4 billion to help to overcome the immediate crisis. The Gotabaya Rajapaksa government has also sought $1.5 billion in additional help from India and a $1 billion syndicated loan from China.On Tuesday, the World Bank announced $600 million in financial assistance to the island nation to help meet payment requirements for essential imports.Sri Lanka is facing its worst economic crisis since its independence in 1948, triggered by a fall in remittances from its nationals working abroad and crippling tourism businesses due to the COVID pandemic. The country recorded a 70 percent drop in forex reserves over the past two years, hitting $1.93 billion at the end of March.
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sri lanka, economic crisis, financial crisis, colombo, trade union, strike, gotabaya rajapaksa, mahinda rajapaksa, imf loan, world bank, china
sri lanka, economic crisis, financial crisis, colombo, trade union, strike, gotabaya rajapaksa, mahinda rajapaksa, imf loan, world bank, china
Sri Lanka Seeks Foreign Currency Donation as Thousands of Workers Go on Strike Demanding Govt Ouster
07:08 GMT 28.04.2022 (Updated: 10:43 GMT 19.07.2022) The Sri Lankan government is negotiating with the International Monetary Fund (IMF) and others to receive much-needed funds to support the country's economy. However, thousands of protesters are adamant about their demand to remove President Gotabaya Rajapaksa's family from power.
Sri Lanka has launched a foreign currency donation drive on Thursday to accumulate money for imports of food and medicine.
The Central Bank of Sri Lanka issued a public notice addressing people of any nationality, saying, “your foreign currency donations are much needed to help ease the difficulties faced by people of Sri Lanka.”
It has published account numbers in different banks to receive money in USD, euros, pounds, Japanese yen and Australian dollars.
The Central Bank assured the donors that it would utilise their donations only to
import much-needed essential items such as medicine, fuel, and food.
Despite several steps announced by the government and the Central Bank over the past few weeks, the country faces a forex shortage and is even unable to pay for food and fuel.
On Thursday, a massive nationwide strike is being observed by thousands of trade unions from the government, semi-government and private sectors, crippling transportation, health services, and shipping activities, among others in the island nation.
Workers are demanding the immediate resignation of President Gotabaya Rajapaksa, Prime Minister Mahinda Rajapaksa, and the government.
In a statement, the United Trade Unions and Mass Organisations (UTUMO) said that the decisions made by the present government have made life difficult for the general public.
Central Bank data shows a jump of 140% in prices of essential items since January this year.
The Sri Lankan government started negotiations with the International Monetary Fund last week, seeking at least $3-4 billion to help to overcome the immediate crisis.
The Gotabaya Rajapaksa government has also sought $1.5 billion in additional help from India and a $1 billion
syndicated loan from China.
On Tuesday, the World Bank announced $600 million in financial assistance to the island nation to help meet payment requirements for essential imports.
Sri Lanka is facing its worst economic crisis since its independence in 1948, triggered by a fall in remittances from its nationals working abroad and crippling tourism businesses due to the COVID pandemic.
The country recorded a 70 percent drop in forex reserves over the past two years, hitting $1.93 billion at the end of March.
