ECONOMYNEXT – Sri Lanka’s electricity regulator has recommended schools close early for the April holidays due to prolonged power cuts, while diesel shortages also hit transport.
“PUCSL recommends the Ministry of Education to declare early vacation from Monday, April 04 for schoolchildren as they face many inconveniences due to long power cuts,” said PUCSL President Janaka Ratnayake, in a statement.
The request comes as private bus owners and school van operators threatened to halt services if diesel shortages continue.
Closing schools would reduce the demand for electricity and also for fuel.
Most schools are expected to close April 8 and reopen April 18. Some schools closed for Ramazan holidays on Friday (01).
Sri Lanka is facing a severe currency crisis and high inflation after two years of money printing.
Sri Lanka is facing a severe currency crisis after two years of money printing by a mid-tier central bank that practices “flexible policy”.
There are growing calls to restrict the discretionary power of its monetary council, to print money and manipulate interest rates through open market operations and to set up a monetary advice.
The central bank is unable to maintain a pegged exchange rate due to too low interest rates, nor has it been able to establish a floating exchange rate so far.
Sri Lanka faces shortages of fuel, cooking gas and certain imported foods such as milk as well as medicines and paper. (Colombo/April 2, 2022)