Tuesday, July 23, 2024

Sri Lanka newspapers run out of newsprint due to forex crisis; suspend publication


COLOMBO, MARCH 26: Sri Lanka’s two major newspapers on Saturday suspended their publication over newsprint shortage and price escalation caused by the country’s all-time worst foreign exchange crisis.
The Island, an English daily along with its sister Sinhala paper Divayina, ceased to print as the newsprint scarcities and price escalations hit the media organisation.
“We regret to inform our readers that we have been compelled to suspend the publication of The Island print edition on Saturday until further notice in view of the newsprint shortage”, Upali Newspapers Limited said in a statement.
Sri Lanka is facing its all-time worst foreign exchange crisis after the pandemic hit the nation’s earnings from tourism and remittances. The import costs of newsprint also rose remarkably since the Government’s decision early this month to float the Sri Lankan rupee against the US dollar.
The Island newspaper, which has been in print since October 1981, will now function as an e-paper. Sri Lanka is facing an acute economic and energy crisis triggered due to shortage of foreign exchange. (PTI)