Sri Lanka’s economic crisis won’t end anytime soon despite talks with IMF

<p>
<strong>Sri Lanka’s unprecedented economic crisis will not end anytime soon. While talks have resumed between Colombo and the International Monetary Fund (IMF), it could take a few months before the two reach a consensus.</strong></p>
<p>
Sri Lanka is now almost solely dependent on the IMF especially after the World Bank refused to help. The World Bank said that it will not provide assistance as there is no adequate macroeconomic policy framework in place.</p>
<p>
The headline inflation in the island nation surged to 60.8 per cent amid acute shortages of food and fuel. </p>
<p>
In a bid to streamline distribution of fuel, Colombo has decided to implement a QR code system at all gas stations in the country.</p>
<p>
“Fuel Pass QR system will be applied in all Fuel Stations islandwide from tomo. Request all Fuel Station Owners & Management to dispense fuel Only with the QR system & to check the QR code Vehicle Number on the device with the Number plate of the vehicle to verify details,” Kanchana Wijesekera, Power and Energy Minister said on Twitter. He added that five million vehicles have registered with the National Fuel Pass QR system.</p>
<p>
The country’s economic activities have come to a halt. Last month, widespread protests across Colombo forced former president Gotabaya Rajapaksa to flee. The social unrest has further derailed talks with the IMF.</p>
<p>
<strong>Also read: <a href="https://www.indianarrative.com/world-news/sri-lanka-s-economic-collapse-needs-immediate-attention-un-human-rights-experts-185661.html">Sri Lanka's economic collapse needs immediate attention: UN human rights experts</a></strong></p>