COLOMBO : Sri Lanka increased electricity prices by 66 per cent on Thursday, in a move that the government hoped would persuade the International Monetary Fund to provide urgent support for its crisis stricken economy.The scale of the price rise will heap misery on Sri Lankans already struggling with infl
COLOMBO : Sri Lanka increased electricity prices by 66 per cent on Thursday, in a move that the government hoped would persuade the International Monetary Fund to provide urgent support for its crisis stricken economy.
"We know that this will be hard on the public, especially the poor but Sri Lanka is caught in a financial crisis and we have no choice but to move towards cost reflective pricing," Energy Minister Kanchana Wijesekera told reporters.The size of the price rise was confirmed by a Ceylon Electricity Board official.
Sri Lanka is in the midst of its worst financial crisis in seven decades and must put its massively indebted public finances in order to unlock a $2.9 billion IMF loan that was agreed in September.
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