Sri Lanka crisis: Scheduled power cuts to resume from today

Scheduled power cuts will be reimposed across Sri Lanka from today after a temporary suspension of the disruption of power supply in view of the April New Year festival. Scheduled power cuts will resume from today, with authorities disrupting the power supply for over 2 hours, Newswire reported. The power cuts will be imposed in slots between 9 am to 6 pm, while power cuts will not be imposed at night, the report added.

Earlier this week, the World Bank said that Sri Lanka needs urgent policy measures to address its high levels of debt and debt service, reduce the fiscal deficit, and restore external stability. The island nation faces a highly uncertain economic outlook due to fiscal and external imbalances.

Released on Wednesday, the World Bank’s latest ‘South Asia Economic Focus Reshaping Norms: A New Way Forward’ projects the region to grow by 6.6 per cent in 2022 and by 6.3 per cent in 2023. The 2022 forecast has been revised downward by 1.0 percentage points compared to the January projection, mostly due to the impact of the war in Ukraine. This comes as countries in South Asia are already grappling with rising commodity prices, supply bottlenecks, and vulnerabilities in financial sectors.

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"The World Bank is deeply concerned about the uncertain economic outlook in Sri Lanka and the impact on people," said Faris Hadad-Zervos, World Bank Country Director for Maldives, Nepal, and Sri Lanka. "We are working on providing emergency support for poor and vulnerable households to help them weather the economic crisis and we remain committed to the wellbeing of the people of Sri Lanka, and to a narrative of sustainable and inclusive growth that will require concerted and collective action."

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