Energy Asia
Wednesday, May 25, 2022
  • Home
  • News
  • Oil & Gas
    • Petroleum
    • Natural Gas
  • Renewables
    • Solar
    • Wind
    • Hydropower
    • Wave and Tidal
    • Biofuels
  • Sustainability
    • Energy Efficiency
    • Energy Storage
    • Alternative Fuels
    • Fossil Fuel Transition
  • Energy Usage
    • Power Generation
    • Transportation
    • Energy Procurement
    • Energy Subsidies
  • Multimedia
    • Videos
    • Podcasts
  • Events
  • PR Newswire
  • Contact
No Result
View All Result
Energy Asia
  • Home
  • News
  • Oil & Gas
    • Petroleum
    • Natural Gas
  • Renewables
    • Solar
    • Wind
    • Hydropower
    • Wave and Tidal
    • Biofuels
  • Sustainability
    • Energy Efficiency
    • Energy Storage
    • Alternative Fuels
    • Fossil Fuel Transition
  • Energy Usage
    • Power Generation
    • Transportation
    • Energy Procurement
    • Energy Subsidies
  • Multimedia
    • Videos
    • Podcasts
  • Events
  • PR Newswire
  • Contact
No Result
View All Result
Energy Asia
No Result
View All Result
Home Energy Usage

Energy Minister Becomes Latest Casualty of Sri Lanka’s Worsening Economic Crisis

by Dafizeck Daud
March 4, 2022
in Energy Usage, News, Petroleum
Energy Minister Becomes Latest Casualty of Sri Lanka’s Worsening Economic Crisis

People stand in a queue to buy kerosene oil used in cooking stoves in Colombo on August 19, 2021. - With the country of 21 million already facing shortages of imported cooking gas and sugar because of the lack of dollars, the Central Bank of Sri Lanka increased its deposit and lending rates by 50 basis points to 5.0 percent and 6.0 percent respectively. (Photo by ISHARA S. KODIKARA / AFP) (Photo by ISHARA S. KODIKARA/AFP via Getty Images)

Share on FacebookShare on Twitter

Sri Lanka’s president has sacked his energy minister on 3 March as fuel shortages left the near-bankrupt island facing its worst blackouts in 26 years and the nation’s buses largely sidelined.

Udaya Gammanpila was booted from the cabinet a day after publicly criticising the government’s monetary policy, saying it had worsened the dollar shortage that has slammed oil imports.

Another cabinet member who had accused Finance Minister Basil Rajapaksa, a younger brother of President Gotabaya Rajapaksa, of mismanagement was also sacked.

“The president used his executive powers to remove Industries Minister Wimal Weerawansa and Energy Minister Udaya Gammanpila with effect from today,” presidential spokesman Kingsly Rathnayaka said.

No reason was given for the summary dismissals, but official sources said the president was livid over their scathing attacks on the government’s handling of the worsening economic crisis.

Earlier in the day, the International Monetary Fund had warned the country’s foreign debt was “unsustainable” and called for devaluation and higher taxes to revive the economy.

Since Wednesday (2 March), Sri Lankans have been subject to nationwide power cuts of seven-and-a-half hours a day, the worst since 1996, after thermal power stations ran out of fuel.

Public transport has also been crippled, with many fuel retailers out of diesel and some bus drivers reporting queueing for up to seven hours to top up.

Sri Lanka is in the grip of a severe foreign exchange shortage, with the country’s external reserves falling to US$2.3 billion in January, down 25 per cent from the previous month.

A wide-ranging import ban imposed in March 2020 to save foreign exchange has led to shortages of essentials, including food, medicines and industrial raw materials.

International rating agencies have downgraded Sri Lanka, saying there were doubts if the South Asian nation can service its US$51 billion foreign debt. Colombo has insisted it will honour its obligations.

Tags: Economic crisisEnergy MinisterGotabaya RajapaksaSri LankaUdaya Gammanpila
Plugin Install : Widget Tab Post needs JNews - View Counter to be installed
  • Trending
  • Comments
  • Latest
Here’s How Wave Power Could Be Energy’s Next Big Leap

Here’s How Wave Power Could Be Energy’s Next Big Leap

April 20, 2021
The World’s Most Attractive Renewable Energy Market

The World’s Most Attractive Renewable Energy Market

May 31, 2021
Gogoro Battery Swapping Revolution in Taiwan – How It Happened

Gogoro Battery Swapping Revolution in Taiwan – How It Happened

August 23, 2021
Solar Energy

Solar Energy – Why Aren’t We Using A Lot More?

August 2, 2021
Tepco Seeks US$18 Billion Green Power Push

Tepco Seeks US$18 Billion Green Power Push

Saudi Arabia Lost the 2020 Oil Price War

Saudi Arabia Lost the 2020 Oil Price War

Electric Cars Are a Bright Spot Amid an Industry Hammered by COVID-19

Electric Cars Are a Bright Spot Amid an Industry Hammered by COVID-19

COVID-19 is Causing the Biggest Fall in Global Energy Investment

COVID-19 is Causing the Biggest Fall in Global Energy Investment

Hesai Appoints Bob in den Bosch as SVP of Global Sales

May 25, 2022
POSCO Holdings joins TNFD (Taskforce on Nature-related Financial Disclosures) and strengthens ESG management

POSCO Holdings joins TNFD (Taskforce on Nature-related Financial Disclosures) and strengthens ESG management

May 24, 2022
Yadea Fully Decarbonizes Brand, Products and Manufacturing Ahead of World Environment Day

Yadea Fully Decarbonizes Brand, Products and Manufacturing Ahead of World Environment Day

May 24, 2022

Canadian Solar Reports First Quarter 2022 Results

May 24, 2022

Energy Asia brings you the latest news, analysis and insights for the energy sector. From oil and gas and geopolitics, to renewables and environmental issues, we cover energy-related news in Asia and beyond.

Categories

  • Alternative Fuels
  • Biofuels
  • Climate Change
  • Energy Efficiency
  • Energy Procurement
  • energy risks
  • Energy Storage
  • Energy Subsidies
  • Energy Usage
  • Features
  • Fossil Fuel Transition
  • Geothermal
  • Hydrogen
  • Hydropower
  • Natural Gas
  • net zero emissions
  • News
  • Nuclear Power
  • Oil & Gas
  • Petrochemicals
  • Petroleum
  • Power Generation
  • prnewswire-feeds
  • Renewables
  • Solar
  • Sustainability
  • Transportation
  • Uncategorized
  • Wave and Tidal
  • Wind

Newsletter

Subscribe to our mailing list to receives daily updates direct to your inbox!

© 2022 Business Media International. All Rights Reserved.

No Result
View All Result
  • Home
  • News
  • Oil & Gas
    • Petroleum
    • Natural Gas
  • Renewables
    • Solar
    • Wind
    • Hydropower
    • Wave and Tidal
    • Biofuels
  • Sustainability
    • Energy Efficiency
    • Energy Storage
    • Alternative Fuels
    • Fossil Fuel Transition
  • Energy Usage
    • Power Generation
    • Transportation
    • Energy Procurement
    • Energy Subsidies
  • Multimedia
    • Videos
    • Podcasts
  • Events
  • Contact

© 2022 Business Media International. All Rights Reserved.