Sri Lanka, under its worst economic crisis since independence in 1948, has postponed exams for millions of school students indefinitely due to an acute shortage of printing paper.

The island nation is struggling with the depleting foreign reserves which has reached an all-time low and is short on dollars to import paper and ink.

Consequently, the acute financial crisis has led the country running low on essential goods such as food, fuel and pharmaceuticals. Long queues were witnessed across the state for groceries and oil along with electricity blackouts.

Clarifying the situation on exams, the Department of Education of the Western Province said, “School principals cannot hold the tests as printers are unable to secure foreign exchange to import necessary paper and ink.” 

Earlier this year, Sri Lankan government had asked China to help put off debt payments. However, it is estimated that that Sri Lanka already owes US $1.5 to $2 billion in debt payments this year to China. According to a report by Reuters, about $6.9 billion of Colombo’s debt needs to be serviced this year alone and had a foreign reserve of US$ 2.3$2.3 billion by the end of February.

To solve the country’s debt-ridden state, President Gotabaya Rajapaksa has sought the International Monetary Fund’s help. On Friday, the International Monetary Fund on Friday confirmed it was considering President Gotabaya Rajapaksa’s request to discuss a bailout.