Sri Lanka is facing a severe shortage of fuel and other essential supplies and is in the throes of its worst economic crisis with soaring inflation. The oil supply shortage has forced schools and government offices to close until further notice.
Notably, the island nation is also scheduled to host the Asia Cup 2022 cricket tournament, but the crisis has raised questions if the event will still be held there.
Reduced domestic agricultural production, a lack of foreign exchange reserves, and local currency depreciation have fuelled the shortages.
Sri Lanka's multiple crises have been exacerbated by the COVID-19 pandemic which saw the collapse of the crucial tourism industry, which provides foreign currency for imported fuel and medical supplies, and rocked by the supply chain crisis precipitated by the Ukraine war.
The economic crisis will push families into hunger and poverty - some for the first time - adding to the half a million people who the World Bank estimates have fallen below the poverty line because of the pandemic.
This economic crisis has also led to a political crisis, with people expressing their frustration against the government, which led to president Gotabaya Rajapaksa resigning from his post.
Prime Minister Ranil Wickremesinghe was sworn in as president on a temporary basis on Friday, and Sri Lanka's parliamentarians are due to begin the process of selecting a new president on Saturday, before taking a formal vote on 20 July.
Amidst the crisis in Sri Lanka, India has extended this year alone support of over USD 3.8 billion for ameliorating the serious economic situation in the island nation as a mark of its Neighbourhood First policy.
India continues to follow closely the recent developments in Sri Lanka.
India has repeatedly said that it stands with the people of Sri Lanka as they seek to realize their aspirations for prosperity and progress through democratic means and values, established institutions and a constitutional framework.
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