{"id":26932,"date":"2022-03-02T16:16:41","date_gmt":"2022-03-02T10:46:41","guid":{"rendered":"https:\/\/tradebrains.in\/features\/lanka-power-cut\/"},"modified":"2022-03-02T16:16:41","modified_gmt":"2022-03-02T10:46:41","slug":"lanka-power-cut","status":"publish","type":"post","link":"https:\/\/tradebrains.in\/features\/lanka-power-cut\/","title":{"rendered":"Over seven hour power cuts in Sri Lanka as forex crisis deepens"},"content":{"rendered":"<div class=\"trade-content_2\" style=\"margin-left: auto;margin-right: auto;text-align: center;\" id=\"trade-3021382456\"><p><a href=\"https:\/\/tradebrains.in\/get\/telegram\/\"><img decoding=\"async\" class=\"alignnone wp-image-101992\" src=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2023\/01\/telegram-channel-300x119.png\" alt=\"\" width=\"148\" height=\"59\" \/><\/a> <a href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMN3Epgswxc--Aw?hl=en-IN&amp;gl=IN&amp;ceid=IN%3Aen\"><img decoding=\"async\" class=\"alignnone wp-image-123430\" src=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-300x82.png\" alt=\"follow-on-google-news\" width=\"222\" height=\"61\" srcset=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-300x82.png 300w, https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-150x41.png 150w, https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news.png 468w\" sizes=\"(max-width: 222px) 100vw, 222px\" \/><\/a><\/p>\n<\/div><p>Colombo, Mar 2 (PTI) Sri Lanka will face over seven-hour power cuts on Wednesday, the longest to be experienced by the island nation since 1996, officials said, amidst the worst economic crisis in decades.<\/p><div class=\"trade-content_7\" style=\"margin-left: auto;margin-right: auto;text-align: center;\" id=\"trade-4235608028\"><!-- Composite Start --> \r\n <div id=\"M923760ScriptRootC1549812\"> \r\n <\/div> \r\n <script src=\"https:\/\/jsc.mgid.com\/t\/r\/tradebrains.in.1549812.js\" async> \r\n <\/script> \r\n <!-- Composite End --><\/div>\n<p>Sri Lanka is currently reeling under a severe foreign exchange crisis and the government is unable to foot the bill for essential fuel imports to keep the power plants running.<\/p>\n<p>\u201cThere will be five and a half hour cuts during the day and two hours later in the nighttime,&#8221; Sri Lanka\u2019s Public Utilities Commission top official Janaka Ratnayaka told reporters.<\/p>\n<p>This will be the longest power cuts to be experienced in the island since 1996, officials said.<\/p><div class=\"trade-content_5\" id=\"trade-3975976010\"><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-4023722985638610\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- in_content_2_news -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-4023722985638610\"\r\n     data-ad-slot=\"7925020301\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><\/div>\n<p>The power generation has been hit by the foreign exchange crisis as fuel to operate thermal power plants are in short supply. Due to fuel shortage, long fuel queues were seen at retail stations with diesel being limited.<\/p>\n<p>The state fuel entity has sought government assistance to pay for three ships of fuel that arrived last week.<\/p>\n<p>The power sector officials said the hydropower generation capacity in the reservoirs has fallen sharply due to the ongoing drought experience.<\/p>\n<p>Udaya Gammanpila, Energy Minister, said it was hard to find the cash to pay for oil imports and the government must prioritise fuel imports over other items.<\/p>\n<p>Gammanpila said the current stockpile of fuel would last only for four days.<\/p>\n<p>President Gotabaya Rajapaksa\u2019s office said the President had instructed officials to ensure a continuous supply of power.<\/p><div class=\"trade-content-10\" id=\"trade-3488213131\"><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-4023722985638610\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- in_content_3_news -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-4023722985638610\"\r\n     data-ad-slot=\"2969612066\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><\/div>\n<p>Last month, Sri Lanka bought 40,000 metric tonnes of diesel and petrol from India&#8217;s oil major Indian Oil Corporation to meet the urgent energy requirements in the economic crisis worsened by depleted foreign reserves.<\/p>\n<p>The delivery of the fuel by India came amidst the announcement of Sri Lankan Finance Minister Basil Rajapaksa&#8217;s visit to India in a fortnight to formalise India\u2019s economic relief package for the country facing a serious forex crisis.<\/p>\n<p>In January, India announced a USD 900 million loan to Sri Lanka to build up its depleted foreign reserves and for food imports, amid a shortage of almost all essential commodities in the country.<\/p>\n<p>Last month, an agreement to grant Sri Lanka a credit line of USD 500 million for fuel purchases was also sealed which was part of the immediate economic relief package.<\/p>\n<p>Tourism, another key foreign-exchange earner, has also witnessed a lull due to the pandemic. PTI CORR AMS AKJ   AMS<\/p>\n<div class=\"trade-after-content\" id=\"trade-1984033102\"><div id=\"taboola-below-article-thumbnails\"><\/div>\r\n<script type=\"text\/javascript\">\r\n  window._taboola = window._taboola || [];\r\n  _taboola.push({\r\n    mode: 'alternating-thumbnails-a',\r\n    container: 'taboola-below-article-thumbnails',\r\n    placement: 'Below Article Thumbnails',\r\n    target_type: 'mix'\r\n  });\r\n<\/script>\r\n<script type=\"text\/javascript\">\r\n  window._taboola = window._taboola || [];\r\n  _taboola.push({flush: true});\r\n<\/script><\/div>","protected":false},"excerpt":{"rendered":"<p>Colombo, Mar 2 (PTI) Sri Lanka will face over seven-hour power cuts on Wednesday, the longest to be experienced by the island nation since 1996, officials said, amidst the worst economic crisis in decades. Sri Lanka is currently reeling under a severe foreign exchange crisis and the government is unable to foot the bill for [&hellip;]<\/p>\n","protected":false},"author":13,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[1698,1795,31],"tags":[],"class_list":["post-26932","post","type-post","status-publish","format-standard","hentry","category-commodities","category-foreign-exchange-and-rupee-price","category-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v20.5 (Yoast SEO v25.0) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Over seven hour power cuts in Sri Lanka as forex crisis deepens - Trade Brains Features<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/tradebrains.in\/features\/lanka-power-cut\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Over seven hour power cuts in Sri Lanka as forex crisis deepens\" \/>\n<meta property=\"og:description\" content=\"Colombo, Mar 2 (PTI) Sri Lanka will face over seven-hour power cuts on Wednesday, the longest to be experienced by the island nation since 1996, officials said, amidst the worst economic crisis in decades. 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