Despite talks with the IMF, Sri Lanka’s economic crisis will not end any time soon

Sri Lanka’s unprecedented economic crisis will not end anytime soon. While talks between Colombo and the International Monetary Fund (IMF) have resumed, it could be several months before the two reach consensus.

Sri Lanka is now almost entirely dependent on the IMF, especially after the World Bank refused to help. The World Bank said it would not provide assistance as there was no proper macroeconomic framework.

Headline inflation in the island nation rose to 60.8 percent amid acute food and fuel shortages.

To streamline fuel distribution, Colombo has decided to introduce a QR code system at all gas stations in the country.

“The tank pass QR system is used in all gas stations across the island by tomo. Demand all gas station owners and management to only dispense fuel using the QR system and to check the QR code vehicle number on the device with the vehicle’s number plate to verify details,” said Energy and Energy Minister Kanchana Wijesekera on twitter. He added that five million vehicles have registered with the National Fuel Pass QR system.

The country’s economic activity has come to a standstill. Last month, widespread protests across Colombo forced former President Gotabaya Rajapaksa to flee. Social unrest further derailed talks with the IMF.

Also Read: Sri Lanka’s Economic Collapse Demands Immediate Attention: UN Human Rights Experts

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