Skip to content
Search

Latest Stories

Submit Guest Post

Sri Lanka sacks energy minister as economic crisis deepens

Sri Lanka sacks energy minister as economic crisis deepens

Sri Lanka's president sacked his energy minister on Thursday as fuel shortages left the near-bankrupt island facing its worst blackouts in 26 years and the nation's buses largely sidelined.

Udaya Gammanpila was booted from the cabinet a day after publicly criticising the government's monetary policy, saying it had worsened the dollar shortage that has slammed oil imports.


Another cabinet member who had accused Finance Minister Basil Rajapaksa, a younger brother of President Gotabaya Rajapaksa, of mismanagement was also sacked.

"The president used his executive powers to remove Industries Minister Wimal Weerawansa and Energy Minister Udaya Gammanpila with effect from today," presidential spokesman Kingsly Rathnayaka said.

No reason was given for the summary dismissals, but official sources said the president was livid over their scathing attacks on the government's handling of the worsening economic crisis.

Earlier in the day, the International Monetary Fund had warned the country's foreign debt was "unsustainable", and called for devaluation and higher taxes to revive the economy.

Since Wednesday, Sri Lankans have been subject to nationwide power cuts of seven-and-a-half hours a day, the worst since 1996, after thermal power stations ran out of fuel.

Public transport has also been crippled, with many fuel retailers out of diesel and some bus drivers reporting queueing for up to seven hours to top up.

Sri Lanka is in the grip of a severe foreign exchange shortage, with the country's external reserves falling to $2.3 billion in January, down 25 percent from the previous month.

A wide-ranging import ban imposed in March 2020 to save foreign exchange has led to shortages of essentials, including food, medicines and industrial raw materials.

International rating agencies have downgraded Sri Lanka, saying there were doubts if the South Asian nation can service its $51 billion foreign debt. Colombo has insisted it will honour its obligations.

Add EasternEye As Your Trusted Source
preferred source on google news

More For You

Online gambling
India’s Gambling Evolution: From Casino Excitement to Online Gaming Growth
iStock

Online gamblers spending £1,000 a day to face new UK checks

  • Gamblers spending more than £1,000 in 24 hours could face financial risk assessments.
  • Regulator says the checks are not affordability tests and will not affect credit scores.
  • Betting industry warns the changes could push customers towards illegal gambling sites.

Online gambling customers in the UK who spend large sums in a short period could soon face financial risk assessments, under new rules announced by the Gambling Commission. The regulator says the changes are aimed at identifying customers who may be experiencing financial hardship, while the betting industry argues they could drive gamblers towards unregulated operators.

Under the new framework, customers spending more than £1,000 within a 24-hour period or £3,000 over a rolling 90-day period will be eligible for enhanced financial risk assessments. Lower thresholds will apply to gamblers aged under 25, with checks beginning at £750 in 24 hours once the system is fully introduced.

Keep ReadingShow less