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Sri Lanka Raises Power Prices by 275%, as Demanded by IMF: Reports

© AP Photo / Eranga JayawardenaA man pushes his autorickshaw to a fuel station in Colombo, Sri Lanka, Wednesday, July 27, 2022.
A man pushes his autorickshaw to a fuel station in Colombo, Sri Lanka, Wednesday, July 27, 2022. - Sputnik India, 1920, 16.02.2023
Sri Lanka's 22 million people have suffered through months of food and fuel shortages, including long power cuts, as the nation undergoes its worst economic crisis since 1948.
Debt-ridden Sri Lanka on Thursday said that it has hiked the electricity consumption price by up to 275%, AFP reported.
This is the second monthly hike, as the bankrupt island nation seeks a $2.9 billion bailout package from the International Monetary Fund (IMF).

"We had to raise electricity charges to be in line with IMF conditions that we cannot get handouts from the treasury," Sri Lankan Energy Minister Kanchana Wijesekera said.

The minister expressed hope that the government might reduce the price sometime around July.
 A produce vendor waits for customers at a market in Islamabad, Pakistan, on Jan. 22, 2022. - Sputnik India, 1920, 16.02.2023
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Since March last year, the country has witnessed frequent blackouts as it failed to purchase gas, as its foreign exchange reserves dried up. As a result, a long blackout was faced in residential areas, factories, and national hospitals.
"An uninterrupted power supply will be provided for the whole of Sri Lanka with effect from today," minister Wijesekera stressed.
As per the government, up to 140 minutes of blackouts were being reported every day.
In April last year, Colombo announced that it would default on its foreign debt repayments of $51 billion because of the depleted reserves.