Sri Lanka is bankrupt, Prime Minister Ranil Wickremesinghe declared on Tuesday.
Another minister said the island had only one day's fuel left.
The IMF was supposed to bail Sri Lanka out of its financial troubles, but Wickremesinghe said the talks were not going well because the country had gone bankrupt.
Schools have shut down and life as we knew it on the picturesque island has come to a virtual halt because of the economic crisis.
Glimpses from Wednesday in Sri Lanka:
IMAGE: A passenger is helped by others to get to the engine compartment of an overcrowded train as the fuel shortage has brought other modes of public transport to a standstill. Photograph: Dinuka Liyanawatte/Reuters
IMAGE: Passengers on an overcrowded train.
IMAGE: Soldiers stand guard at a fuel station in Colombo as people queue up to buy fuel.
IMAGE: A man hangs onto an overload three-wheeler which leaves a market with food items.
IMAGE: Three-wheelers queue up for petrol at a fuel station.
Photographs curated by Manisha Kotian/Rediff.com
Feature Presentation: Aslam Hunani/Rediff.com
