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Sri Lanka PM to address crisis-hit nation as fuel stocks run short

By Alasdair Pal and Uditha Jayasinghe COLOMBO (Reuters) - Sri Lanka's new prime minister will address the crisis-hit nation later on Monday, as the country's power minister told...
Sri Lanka PM to address crisis-hit nation as fuel stocks run short © Reuters. FILE PHOTO: Ranil Wickremesinghe, newly appointed prime minister, arrives at a Buddhist temple after getting sworn-in by President Gotabaya Rajapaksa, amid the country's economic crisis, in Colombo, Sri Lanka, May 12, 2022. REUTERS/Dinuka Liyanawatte/File

By Alasdair Pal and Uditha Jayasinghe

COLOMBO (Reuters) - Sri Lanka's new prime minister will address the crisis-hit nation later on Monday, as the country's power minister told citizens not to join the lengthy fuel queues that have galvanized weeks of anti-government protests.

Ranil Wickremesinghe, appointed prime minister on Thursday, said he would give a "full explanation" of the financial crisis that has devastated the strategic Indian Ocean island nation, where China and India are battling for influence.

"There is a lot to be done and undone. We are prioritising matters, rest assured they shall be addressed as early as possible," he said in a series of tweets on Sunday.

The crisis led to widespread protests against President Gotabaya Rajapaksa and his family, culminating with the resignation of his elder brother Mahinda as prime minister last week after fighting between government supporters and protesters killed 9 people and wounded 300.

The president then replaced him with Wickremesinghe, an opposition parliamentarian who has held the post five times previously, in a desperate bid to placate protesters.

But the protesters have said they will keep up their campaign as long as Gotabaya Rajapaksa remains president. They have also labelled Wickremesinghe a stooge and criticised his appointment of four cabinet minister, all members of the political party run by the Rajapaksa brothers.

Hit hard by the pandemic, rising oil prices and populist tax cuts by the Rajapaksas, Sri Lanka is in the midst of a crisis unparalleled since its independence in 1948.

A chronic foreign exchange shortage has led to rampant inflation and shortages of fuel and other essentials, bringing thousands out on the streets in protest.

A diesel shipment using an Indian credit line arrived in the country on Sunday, but is yet to be distributed across the island, leading to lengthy queues in several places.

"Request the public not to queue up or top up in the next three days until the 1,190 fuel station deliveries have been completed," Power Minister Kanchana Wijesekera said on Monday.

Wickremesinghe is yet to find a nominee for the crucial post of finance minister, who will negotiate with the International Monetary Fund for badly needed financial help for the country.

Former Finance Minister Ali Sabry had held preliminary talks with the multilateral lender, but he quit along with Mahinda Rajapaksa last week.

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01-05-2024 10:45:17 (UTC+7)

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EUR/USD

1.0658

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USD/JPY

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AUD/USD

0.6469

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USD/CAD

1.3780

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EUR/JPY

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US Coffee C Futures

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Euro Stoxx 50

4,920.55

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S&P 500

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DAX

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US Small Cap 2000

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Bayer AG NA

27.35

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266.60

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Adidas AG

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6.714

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Siemens AG Class N

175.90

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 EUR/USD1.0658↑ Sell
 GBP/USD1.2475↑ Sell
 USD/JPY157.91↑ Buy
 AUD/USD0.6469Neutral
 USD/CAD1.3780↑ Buy
 EUR/JPY168.32↑ Buy
 EUR/CHF0.9808Neutral
 Gold2,295.80↑ Sell
 Silver26.677↑ Sell
 Copper4.5305↑ Buy
 Crude Oil WTI81.14↑ Sell
 Brent Oil85.62↑ Sell
 Natural Gas1.946↑ Sell
 US Coffee C213.73↑ Sell
 Euro Stoxx 504,920.55↑ Sell
 S&P 5005,035.69↑ Sell
 DAX17,921.95↑ Sell
 FTSE 1008,144.13Sell
 Hang Seng17,763.03↑ Sell
 Small Cap 20001,973.05↑ Sell
 IBEX 3510,854.40Neutral
 BASF49.155↑ Sell
 Bayer27.35↑ Sell
 Allianz266.60↑ Sell
 Adidas226.40↑ Sell
 Lufthansa6.714Neutral
 Siemens AG175.90↑ Sell
 Deutsche Bank AG15.010Neutral
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank8,300/ 8,500
(8,300/ 8,500) # 1,298
SJC 1L, 10L, 1KG8,300/ 8,520
(0/ 0) # 1,510
SJC 1c, 2c, 5c7,380/ 7,550
(0/ 0) # 540
SJC 0,5c7,380/ 7,560
(0/ 0) # 550
SJC 99,99%7,370/ 7,470
(0/ 0) # 460
SJC 99%7,196/ 7,396
(0/ 0) # 386
Cập nhật 01-05-2024 10:45:19
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Cập nhật lúc 10:45:15 01/05/2024
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