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Sri Lanka declared economic bankruptcy in April 2022 by announcing its first-ever sovereign default. The island nation was hit by its worst financial crisis in history, with its foreign exchange reserves falling to a critical low and the public coming out on the streets to protest the shortage of fuel, fertilisers and essential commodities.
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Third-generation Sri Lankan cinema pioneer Prasanna Vithanage on living through civil war, economic crisis, Ramayana tours & 2023 Kim Jiseok win for Malayalam film Paradise.
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The election to appoint new administrations to 340 local councils for a four-year term was postponed since March last year due to the ongoing economic crisis.
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In a major policy address, Wickremesinghe also told Parliament that talks with the IMF to unlock a USD 2.9 billion bailout package are in the final stages.
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The country has introduced system to ensure the power ministry stays connected with the finance ministry and the central bank to discuss and get an estimate on what to set aside for energy imports, Kanchana Wijesekera said.
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Sri Lanka is effectively bankrupt and has suspended repayment of nearly $7 billion in foreign debt due this year pending the outcome of talks with the International Monetary Fund.
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The Sunday Times newspaper reported that Chinas Exim Bank delivered a letter on Saturday granting Sri Lanka a two-year moratorium on repayment and agreeing with the International Monetary Fund's extended fund facility (EFF).
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Sri Lanka is going through its worst economic crisis since its independence in 1948 which was triggered by a severe paucity of foreign exchange reserves.
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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
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President Wickremesinghe on Thursday appointed 37 junior ministers, largely representing the ruling Sri Lanka Podujana Peramuna (SLPP) and the Sri Lanka Freedom Party (SLFP).
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The island of 22 million people is facing its worst economic turmoil since independence from Britain in 1948.
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The government said about 58,000 Sri Lankans are currently residing in Tamil Nadu, India, as refugees
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Sri Lanka’s ousted President Gotabaya Rajapaksa, who returned home after seven weeks in exile following protests over economic hardships, could face legal action over forced disappearances of activists now that he has been stripped of constitutional immunity
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The interim budget introduced a number of tax reforms pertaining to income tax, value added tax, telecommunication levy and betting and gaming levy.
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Sri Lanka has been urging China to restructure its debt as the nation continues to reel under acute economic crisis.
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Speaking at a two-day conference titled Let's reset Sri Lanka held on Friday, Wickremesinghe said that reforms in the country also would need higher taxation.
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The UN experts noted that the issue of rising institutional debt had been flagged in a previous visit report to Sri Lanka in 2019.
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Colombo’s Galle Face, the epicentre of protests in economic and political crisis hit Sri Lanka, was also the venue of the Satyagraha by the Tamil people over 60 years ago to seek equal importance
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The Sri Lankan government has implemented a fuel rationing programme in the midst of an economic crisis. The launch of a National Fuel Pass was announced by Sri Lanka's Ministry of Power according to an ANI report.
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Prime Minister Ranil Wickremesinghe was sworn in as Sri Lanka’s interim president on July 15 until Parliament elects a successor to Gotabaya Rajapaksa, who resigned after mass protests over the country’s economic collapse forced him from office. Here's a timeline of Sri Lanka’s worst economic and political crisis in decades.
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Activists on Thursday were struggling to keep things calm and ensure that a mass citizens’ movement does not help tip a country still grappling with the legacy of a decades-long civil war into outright anarchy.
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On Thursday, Sri Lanka's anti-government demonstrators said they were ending their occupation of official buildings, as they vowed to press on with their bid to bring down Rajapaksa and Wickremesinghe.
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News Highlights on July 14: India reported its first case of monkeypox on Thursday, with a Keralite who returned from the UAE testing positive for the virus, prompting the Centre to rush a high-level multi-disciplinary team to collaborate with the State Health Authorities in instituting public health measures.
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Sri Lanka declared a state of emergency on July 13 after the president fled overseas to escape anti-government protests.
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India has also assured all help regarding food and medical aid, subject to requests from Colombo, sources in the know have told Moneycontrol.
