Colombo : Sri Lanka’s economic crisis continues to deepen. The country recently announced that it would not be able to pay off debts from other countries for the time being to avoid hard defaults. Meanwhile, a new report surfaced on Saturday that the Colombo Stock Exchange, Sri Lanka’s main stock exchange, will not trade for five days from April 18. The order was issued by Sri Lanka Securities Commission and Colombo Stock Exchange. Investors have been given this time keeping in view the economic condition of the country.
According to the report, the Securities and Exchange Commission of Sri Lanka issued a statement on Saturday urging the stock exchange’s board of directors and other stockholders to temporarily close the market.
The SEC has carefully considered the grounds presented by them and assessed the impact of the current situation in the country on the stock market, the statement said. After which the exchange has taken this decision.
A Sri Lankan delegation has turned to Washington for 4 billion aid from the International Monetary Fund and other lenders. The country is currently facing an unprecedented economic crisis. This has led to a shortage of food and fuel in Sri Lanka.