In the midst of an economic crisis, Sri Lanka agreed on Saturday to raise the prices of dozens of regularly used medicines by 40%. Protests are being held around the country by individuals who are suffering from long blackouts and significant shortages of food, gasoline, and medications. People are calling for the resignation of the administration.
Antibiotics, non-prescription pain relievers, and drugs for heart disease and diabetes would all see price increases, according to Health Minister Channa Jayasumana. Officials in the industry said the new increase was required to counteract the impact of rising gasoline prices, which have more than quadrupled since December. According to government estimates, Sri Lanka’s inflation rate was nearly 30% in April. This was the seventh straight record high. Sri Lanka has ran out of foreign cash to import desperately needed basic supplies.
The government declared a default on its $51 billion foreign debt earlier this month and requested individuals across the world to donate money to assist the island get out of its financial bind. Sri Lanka has requested a bailout from the International Monetary Fund, which may take up to three months. Sri Lankan President Gotabaya Rajapaksa decided to create an all-party temporary administration led by a new prime minister on Friday (April 30).
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