Russia To Lend A Helping Hand To Sri Lanka In Fuel Purchase

Sri Lanka is reportedly in its greatest Economic Crisis since gaining independence from Britain in 1948, and its president claims he has urged Russian President Vladimir Putin to assist his cash-strapped country import fuel.

Sri Lanka President Gotabaya Rajapaksa claimed that his conversation with Vladimir Putin was "very productive."

It follows the weekend warning from Sri Lanka's energy minister that the nation would soon run out of gasoline.

Hundreds of protesters demonstrated against the government recently in Colombo, the country's capital.

Regarding his call with the Russian leader, Mr. Rajapaksa tweeted, "I asked an offer of credit support to import petroleum."

Mr Rajapaksa added "we have humbly made a request" for flights between Moscow and Colombo to resume, after the Russian flag carrier Aeroflot suspended services last month.

"We unanimously agreed that strengthening bilateral relations in sectors such as tourism, trade and culture was paramount in reinforcing the friendship our two nations share," he further stated.

Sales of gasoline and diesel for non-essential cars were halted last week by the government in an effort to conserve its depleting fuel supplies. UK reiterates travel advice on Sri Lanka

To combat the nation's skyrocketing cost of living, the Central Bank of Sri Lanka increased its benchmark interest rates by one percentage point on Thursday.

The deposit rate rose to 14.5 percent, the highest level in 21 years, while the lending rate went to 15.5 percent.

It occurs at a time when food prices have increased by more than 80%, driving annual inflation to a record high of 54.6 percent in June.