Sri Lanka is experiencing its worst financial crisis in over 70 years, leading to a default on its debt and a severe shortage of fuel. The country's foreign reserves are nearly depleted, requiring an urgent need for $75 million to pay for essential imports. Fuel shortages have resulted in dry gas pumps and long queues of people waiting to refuel their vehicles. The crisis has also affected public transportation, leading to difficulties for residents. Schools have been suspended due to the fuel crisis. The situation has sparked widespread protests demanding the resignation of President Gotabaya Rajapaksa. The crisis has also led to shortages of food and medicines, with the budget deficit reaching $6.8 billion.

Sri Lanka is experiencing a resurgence in tourism after the COVID-19 pandemic brought the industry to a standstill. The country, which heavily relies on tourism, faced an economic crisis due to the pandemic. However, with the easing of restrictions and the vaccination of 63 percent of the population, Sri Lanka is aiming to revive its tourism sector. The government has declared 2022 as the 'Visit Sri Lanka Year' with a goal to generate $10 billion by 2025. Despite the threat of the omicron variant, nearly 30,000 tourists arrived in the first ten days of January 2022. Kimarli Fernando, chairperson of the Sri Lanka Tourism Development Authority, is confident that the country will not go into lockdown and can attract around 1 million tourists this year. Meanwhile, Harpo Gooneratne, president of the Colombo City Restaurant Collective, sees the current economic challenges as a temporary setback and suggests strategies for the hospitality industry to cope.

The article discusses the recent economic emergency in Sri Lanka and its impact on the prices of essential goods. It highlights the soaring inflation rates that have made it difficult for the citizens to afford basic necessities. The government's response to the crisis and the measures being taken to stabilize the economy are also covered. The article provides an analysis of the economic factors leading to the emergency and the potential long-term effects on the country's financial stability.