Sri Lanka Crisis

Sri Lanka's external debt stood at $46 billion at the time of its foreign debt default in 2022, when it ran out of foreign exchange to finance even the most essential imports such as food and fuel.

Harsh reforms vital to stabilise Sri Lanka's economy: Central Bank Governor

Sri Lanka introduced painful economic measures such as tax hikes and utility rate hikes to unlock the $2.9 billion IMF bailout programme to help it overcome its economic crisis and catalyse financial support from other development partners.

Indian Bank to hold special rupee vostro accounts of 3 Sri Lanka banks: Report

The INR vostro facility is part of the special trade settlement mechanism finalised by the RBI in July 2022.

Sri Lanka will remain 'middle-income' country, President's Office clarifies after Cabinet downgrades status to 'low income country'

Sri Lanka had a GDP of $3,815 in 2021, which currently places the country in the 'middle-income' category, according to the World Bank.

Sri Lanka's inflation jumps to 70.2% amidst worst-ever economic crisis

The non-food inflation surged to 57.1 per cent in August from 52.4 per cent in July as there was a sharp hike in electricity tariffs.

6.3 million Sri Lankans facing acute food insecurity; situation likely to worsen: FAO and WFP warn

Two consecutive seasons of poor harvests led to a nearly 50 per cent drop in production coupled with reduced imports of food grains due to foreign exchange constraints

Sri Lanka's ousted ex-president Gotabaya Rajapaksa returns home from Thailand after 7 weeks

Rajapaksa, 73, was festooned with flowers by a welcoming party of ministers and politicians as he disembarked at Colombo’s Bandaranaike International Airport from Bangkok via Singapore.

Many Indian states mirror costly debt slip-ups that rattled Sri Lanka

Punjab spends 21.3 percent of its revenues on interest payments, Tamil Nadu 21 percent, West Bengal 20.8 percent, and Haryana 20.9 percent

Indian Oil Corp unit to open 50 fuel stations in Sri Lanka to help alleviate crisis

Sri Lanka is caught in its worst financial crisis in more than 70 years as a shortage of foreign exchange has left it struggling to pay for essential imports of food, medicine and, critically, fuel.

No new financing to Sri Lanka until 'adequate' macroeconomic policy in place: World Bank

The island nation of 22 million is in the midst of an unprecedented economic crisis that has led to severe shortages of fuel and other essentials.

Sri Lanka Crisis | China upset with ‘opportunist’ Colombo, warns against non-payment of debt

The Chinese Internet is condemning Sri Lanka and accusing it of taking advantage of China. Why is the Chinese strategic community furious at Sri Lanka?

China says its massive loans, projects did not push Sri Lanka to bankruptcy

The China-Sri Lanka practical cooperation has always been led by Sri Lanka with scientific planning and thorough verification with no strings attached, Chinese Foreign Ministry spokesman Zhao Lijian told a media briefing in Beijing.

Sri Lanka receives more humanitarian supplies from Tamil Nadu

Indian High Commissioner Gopal Baglay handed over the humanitarian supplies to the Sri Lankan people in the presence of Foreign Minister Ali Sabry and Minister of Health and Water Supply Keheliya Rambukwella, the mission tweeted.

Sri Lanka's Parliament to meet for first session under President Ranil Wickremesinghe on Wednesday

Wickremesinghe announced the state of emergency on July 17 after President Gotabaya Rajapaksa fled Sri Lanka to escape a popular uprising against his government’s economic mismanagement.

Sri Lanka’s Presidential Secretariat set to resume operations after 100 days

The site, which had been blocked by protesters for more than 100 days, saw an excessive rampage by protesters on July 9, forcing Gotabaya Rajapaksa to flee the country and resign as president.

Sri Lanka President Ranil Wickremesinghe may expand Cabinet to include all parties

Ranil Wickremesinghe on Friday appointed an 18-member Cabinet that included Prime Minister Dinesh Gunawardena.

Sri Lanka Cabinet discusses ways to normalise situation within one week

The Cabinet was informed that fuel sufficient for one month had been secured and therefore distribution under a quota system should be expedited.

Sri Lankan president urged not to use force on protesters

An international human rights group is urging Sri Lanka's new president to immediately order security forces to cease all unlawful use of force against protesters

In pics | A night of crackdown after Lankan president Ranil Wickremesinghe is sworn in

Protesters flock to the presidential office chanting, “Ranil, go home!”. Wickremesinghe, however, has found support among those willing to give him a chance to fix the mess that Lanka is in

India must extend a rupee line of credit to Sri Lanka

A rupee line of credit would give immediate relief to Sri Lankans and their interim president, while letting India help the island nation without depleting its own dollar reserves 

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Ranil Wickremesinghe elected president in crisis-hit Sri Lanka

Sri Lankan lawmakers chose six-time Prime Minister Ranil Wickremesinghe as president on July 20 to succeed the ousted leader who fled the country in a vote that risks reigniting political turmoil in the troubled South Asian island nation.

Sri Lanka crisis unprecedented, but comparisons 'uninformed': EAM Jaishankar at all-party meet

"Given the near proximity, we naturally worry about the consequences, the spillover it has for us,'' External Affairs Minister S Jaishankar said.

Sri Lanka's Ranil Wickremesinghe urges political parties to put aside their differences and form all-party government

Ranil Wickremesinghe said that in the two months since he assumed the post of prime minister, power cuts had been reduced to 3 hours a day, fertiliser has been provided to the farmers and the gas shortage in the country has been solved.