Sri Lanka sends troops to fuel stations, aims to restructure its debt

The country will also hire a global law firm to provide technical assistance on debt restructuring ahead of talks with the International Monetary Fund on the country's economic crisis

Sri Lanka posted soldiers at hundreds of state-run gas stations on Tuesday to help distribute fuel after a sudden rise in prices of key commodities and accompanying shortages forced tens of thousands of people to queue for hours.
 
The Indian Ocean nation is battling a foreign exchange crisis that forced a currency devaluation and hit payments for essential imports such as food, medicine and fuel, prompting it to turn to the International Monetary Fund (IMF) for help.
 
“The government has to provide solutions,” said Seetha Gunasekera, 36, who lives with her husband and two children in Colombo, the capital.

 

“There is too much hardship and suffering,” added Gunasekera, who said she was spending more time in fuel queues than doing anything else. “
 
Prices of everything have increased and we are barely able to manage with what we earn daily.”
 
The decision to deploy troops near petrol pumps and kerosene supply points came after three elderly people dropped dead during their wait in long queues, officials said.
 
The country will also hire a global law firm to provide technical assistance on debt restructuring ahead of talks with the International Monetary Fund (IMF) on the country's economic crisis, a top official said on Tuesday.

 
The island's currency reserves have slumped 70 per cent in the last two years to $2.31 billion and it has to repay about $4 billion in debt in the remainder of this year.
 
Sri Lanka's cabinet made the decision to appoint a technical adviser on Monday, spokesman Ramesh Pathirana told reporters.
 
He said the central bank governor, foreign and justice ministers would oversee the selection process. Sri Lanka's finance minister is due to head to Washington next month for the IMF talks.