Sri Lankan President Gotabaya Rajapaksa has declared an economic emergency to contain soaring inflation after a steep fall in the value of the country’s currency caused a spike in food prices.
President Rajapaksa on Tuesday declared the state of emergency under the public security ordinance to prevent the hoarding of essential items, including rice and sugar. The emergency came into effect from midnight on Tuesday.
“The president has promulgated emergency regulations under the Public Security Ordinance on the supply of essential goods,” presidential spokesman Kingsley Ratnayake told reporters. The government has appointed a former army general as commissioner of essential services, who will have the power to seize food stocks held by traders and retailers and regulate their prices.The military will oversee the action which gives power to officials to ensure that essential items, including rice and sugar, are sold at government-guaranteed prices or prices based on import costs at customs and prevent hiding of stocks, Mr. Ratnayake said.