Disaster-hit Sri Lanka halts share buying and selling – Newspaper

COLOMBO: Sri Lanka on Saturday introduced a five-day share buying and selling halt after the crisis-hit nation hiked rates of interest and declared a default on its exterior debt in the course of the conventional New 12 months vacation, as commerce unions and prime cricket stars joined protests demanding the president’s resignation.

The transfer got here forward of Colombo’s deliberate talks with the Worldwide Financial Fund in Washington on Monday to barter a bailout because the nation has run out of overseas trade to finance even probably the most important imports.

The island nation is grappling with its worst financial downturn since independence in 1948, with common blackouts and acute shortages of meals and gasoline along with file inflation. The disaster has prompted widespread distress for Sri Lanka’s 22 million folks and led to weeks of anti-government protests.

A number of commerce unions joined demonstrators laying siege to President Gotabaya Rajapaksa’s seafront workplace for an eighth straight day Saturday demanding that he and his authorities stop, with hundreds of well being sector commerce employees marching to the Galle Face promenade to affix the protest.

Colombo Inventory Trade officers stated they had been beneath stress from brokers and traders to not reopen on Monday to forestall an anticipated collapse of the market.

The CSE stated regulators had expressed concern over the “potential to conduct an orderly and honest market” and it might stay closed till Friday because of the “current scenario within the nation”.

Revealed in Daybreak, April seventeenth, 2022

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