Photo Credit: World Bank
Sri Lanka has cancelled school examinations indefinitely for millions of students over a shortage of printing paper as the island struggles to grapple with one of its worst financial crisies.
Printing paper is the latest in a series of goods that Colombo have been unable to import due to a shortage in foreign exchange reserves.
“School principals cannot hold the tests as printers are unable to secure foreign exchange to import necessary paper and ink,” the Department of Education of the Western Province said.
Despite initial resistance, Sri Lanka announced this week that it would turn to the International Monetary Fund (IMF) "to find a way to pay off our annual loan instalments, sovereign bonds."
Sri Lanka also secured a $1 billion credit line from India for the supply of essential goods on Thursday while Finance Minister Basil Rajapaksa was in New Delhi seeking financial assistance.
The debilitating economy has sparked protests in Colombo as inflation and reduced imports have caused the cost of living to soar. Sri Lanka has been rationing its supply of fuel, which has led to long queues at petrol stations and daily power cuts across the island with 3 to 5 hour long power cuts scheduled for tomorrow.
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