Time's Up For the Rajapaksas: Will the Family Fiefdom Outlast Sri Lanka's Economic Mayhem?
2 years, 7 months ago

Time's Up For the Rajapaksas: Will the Family Fiefdom Outlast Sri Lanka's Economic Mayhem?

News 18  

The unprecedented forex crisis in Sri Lanka has evolved into a blazing political tumult riddled with violence. As protestors take to the streets all across the island nation, the Rajapaksa dynasty of Sri Lanka appears to be running on borrowed time. Meanwhile, the Sri Lankan Army marched into Mahinda Rajapaksa’s Prime Ministerial residence and airlifted him from the besieged premises to a naval base in the country. Brazen human rights violations were reported during this time but as the war ended in 2009 with the death of the powerful Tamil commander Velupillai Prabhakaran, the majority Sinhalese Buddhist community of Sri Lanka thanked the Rajapaksa brothers and even gave Gotabaya the moniker ‘Terminator’ which went on to form the core of his electoral pitch in 2019 when he was elected President in a landslide victory following devastating bomb blasts in an Islamist terror attack that shook the island nation back into security paranoia. A political vacuum may dash Sri Lanka’s chances of getting urgent relief and may throw it in the arms of forces inimical to India jeopardising India’s security paradigm in the Indian Ocean Region.

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History of this topic

Sri Lanka To Ink Debt Deals By Year's End: Economic Development Deputy Minister
2 weeks, 5 days ago

Sri Lanka To Ink Debt Deals By Year's End: Economic Development Deputy Minister

Deccan Chronicle  

Colombo: Cash-strapped Sri Lanka vowed Thursday to complete its long-delayed foreign debt restructure within the month before a 2025 budget adhering to strict revenue targets set by the International Monetary Fund. Economic Development Deputy Minister Anil Jayantha Fernando said debt restructuring had been delayed by more than two years, costing the country an additional 1.7 billion dollars in accumulated interest. …

5 things about Sri Lanka's debt swap deal to end first-ever external loan default
3 weeks, 6 days ago

5 things about Sri Lanka's debt swap deal to end first-ever external loan default

Firstpost  

Sri Lanka’s Finance Ministry has called the deal a “milestone” in rebuilding its economy, while President Anura Dissanayake, who took office in September, stressed the importance of this agreement for future stability. Sri Lanka is looking to resolve its first-ever external debt default. AFP Sri Lanka has launched a $12.5 billion debt swap initiative to resolve its first-ever external default …

Sri Lanka’s Marxist-leaning president appoints his Cabinet after a resounding election win
1 month ago

Sri Lanka’s Marxist-leaning president appoints his Cabinet after a resounding election win

Live Mint  

COLOMBO, Sri Lanka — Sri Lanka’s new Marxist-leaning president swore in a 21-member Cabinet on Monday after his party secured a two-thirds parliamentary majority in last week’s election. Sri Lanka’s crisis was largely the result of economic mismanagement combined with fallout from the COVID-19 pandemic, which along with militant attacks in 2019 devastated the important tourism industry. Sri Lanka’s economic …

Sri Lankan Parliamentary elections begin with issues of welfare, economic reforms at stake | WATCH
1 month, 1 week ago

Sri Lankan Parliamentary elections begin with issues of welfare, economic reforms at stake | WATCH

India TV News  

Colombo: Sri Lankans began voting on Thursday in a snap election to decide if the Indian Ocean island will give its new leftist president greater strength to help the poor as it recovers from a financial meltdown. "I think we are seeing the first signs of a positive political change in Sri Lanka after the president was elected and we …

Sri Lanka Leader Seeks to Bolster Power With Parliamentary Vote
Trending News
1 month, 1 week ago

Sri Lanka Leader Seeks to Bolster Power With Parliamentary Vote

Live Mint  

-- Sri Lanka holds its first parliamentary elections since the victory of its outsider leftist president, in a test of his ambitious pledges to combat corruption and rewrite an unpopular International Monetary Fund loan program. Anura Kumara Dissanayake called for early polls on the heels of his victory in the Sept. 21 presidential election, widely seen as a stunning rebuke …

‘We’ve tried everybody else’: What’s next for Sri Lanka’s turn to the left?
1 month, 1 week ago

‘We’ve tried everybody else’: What’s next for Sri Lanka’s turn to the left?

Al Jazeera  

Can the new leftist president repay debt without forcing austerity on Sri Lankans? Sri Lanka has seen it all: from the 2022 economic collapse, the mass protests that followed and the legacy of a 26-year civil war. As the newly-elected President Anura Kumara Dissanayake pledges to steer the island back on track, can he repay the country’s debt to the …

Sri Lanka Election: ‘Progress over corruption’, litmus test for Anura Dissanayake as voters head to polls on November 14
Trending News
1 month, 1 week ago

Sri Lanka Election: ‘Progress over corruption’, litmus test for Anura Dissanayake as voters head to polls on November 14

Live Mint  

Sri Lanka's new leftist leader, Anura Kumara Dissanayake, has gained unexpected support as he aims to expand his three parliamentary seats into a majority in Thursday's elections. Business leaders have speculated that Sri Lanka could adopt economic models similar to those of China or Vietnam under Dissanayake, whose party logo prominently features the hammer and sickle, symbolizing its communist ideology. …

JVP victory and its effect on the Lankan economy
3 months ago

JVP victory and its effect on the Lankan economy

Hindustan Times  

The victory of Anura Kumara Dissanayake, leader of the Marxist-Leninist Janatha Vimukthi Peramuna, has the potential to destablise Sri Lanka’s fragile economy. Having become the first Asian nation in at least three decades to default on its sovereign debt in April 2022, Sri Lanka’s economy had been painfully restored to stability by outgoing President Ranil Wickremasinghe, while remaining vitally dependent …

Marxist Dissanayake wins Sri Lanka's presidential election as voters reject old guard
3 months ago

Marxist Dissanayake wins Sri Lanka's presidential election as voters reject old guard

NPR  

Marxist Dissanayake wins Sri Lanka's presidential election as voters reject old guard toggle caption Eranga Jayawardena/AP COLOMBO, Sri Lanka — Marxist lawmaker Anura Kumara Dissanayake won Sri Lanka’s presidential election, according to data released by the Election Commission Sunday, as voters rejected the old political guard that has been widely accused of pushing the South Asian nation toward economic ruin. …

Sri Lanka’s presidential election a test for current leader, 2 years after its economy hit bottom
3 months ago

Sri Lanka’s presidential election a test for current leader, 2 years after its economy hit bottom

Associated Press  

COLOMBO, Sri Lanka — Two years ago, food cart worker Fathima Shiyama had to wait in line, sometimes for days, to get cooking gas, fuel and other essentials. Fathima Shiyama, 48, prepares local delicacies at home, to be sold later from her food cart, in Colombo, Sri Lanka, Tuesday, Sept. 3, 2024. A man sits next to election posters of …

Sri Lanka: The country famed for pristine beaches and ancient temples hoping to rebuild tourism
3 months, 2 weeks ago

Sri Lanka: The country famed for pristine beaches and ancient temples hoping to rebuild tourism

The Independent  

Sign up to Simon Calder’s free travel email for expert advice and money-saving discounts Get Simon Calder’s Travel email Get Simon Calder’s Travel email SIGN UP I would like to be emailed about offers, events and updates from The Independent. open image in gallery A foreigner sits outside the Diary King home-made ice cream shop, in Galle, Sri Lanka August …

Sri Lanka president defends IMF bailout in campaign launch
3 months, 3 weeks ago

Sri Lanka president defends IMF bailout in campaign launch

Hindustan Times  

Sri Lanka had no option but to agree to an International Monetary Fund bailout that required tough austerity measures, President Ranil Wickremesinghe said Thursday as he launched his re-election campaign. Sri Lanka president defends IMF bailout in campaign launch An unprecedented economic crisis two years ago led to months-long food and fuel shortages, triggering street protests that forced Wickremesinghe's predecessor …

​Back from the brink: The Hindu Editorial on the Sri Lankan elections and the road ahead
4 months ago

​Back from the brink: The Hindu Editorial on the Sri Lankan elections and the road ahead

The Hindu  

Sri Lanka’s ninth presidential election, scheduled for September 21, has attracted a record 39 candidates, signalling a return to “business as usual” despite the severe economic crisis of 2022. At 75, he aims to garner broad support by highlighting the political and economic stability achieved during his two-year tenure, made possible by backing from the Sri Lanka Podujana Peramuna, led …

Heir apparent to Sri Lanka’s powerful Rajapaksa family will run in September’s presidential election
4 months, 2 weeks ago

Heir apparent to Sri Lanka’s powerful Rajapaksa family will run in September’s presidential election

Associated Press  

COLOMBO, Sri Lanka — The man who is considered the heir apparent to the powerful Rajapaksa family in Sri Lanka will contest the presidential election in September, his political party said Wednesday, in an apparent bid to regain his family’s lost power after a humiliating setback two years ago during an unprecedented economic crisis in the Indian ocean island nation. …

Rajapaksas’ party fields Mahinda’s son Namal in Sri Lanka’s presidential race
4 months, 2 weeks ago

Rajapaksas’ party fields Mahinda’s son Namal in Sri Lanka’s presidential race

The Hindu  

Sri Lanka’s ruling party helmed by the Rajapaksa clan, who were booted out of office by mass protests in 2022, on Wednesday named Namal Rajapaksa, son of former President Mahinda Rajapaksa, as its candidate for the September presidential polls. After Mr. Gotabaya was forced to resign at the height of Sri Lanka’s crushing unprecedented economic crisis in 2022, its MPs …

Sri Lanka will hold presidential election on Sept. 21, its first since declaring bankruptcy in 2022
4 months, 4 weeks ago

Sri Lanka will hold presidential election on Sept. 21, its first since declaring bankruptcy in 2022

Associated Press  

COLOMBO, Sri Lanka — Sri Lanka will hold a presidential election on Sept. 21 that will likely be a test of confidence in President Ranil Wickremesinghe’s efforts to resolve the country’s worst economic crisis. Sri Lanka’s crisis was largely the result of staggering economic mismanagement combined with fallout from the COVID-19 pandemic, which along with 2019 terrorism attacks devastated its …

Economic conditions in debt-stricken Sri Lanka improving, IMF says
9 months ago

Economic conditions in debt-stricken Sri Lanka improving, IMF says

Al Jazeera  

IMF says inflation has dropped from 70 percent, economy expanded in the second half of 2023. The economic situation in debt-stricken Sri Lanka has started to gradually improve following its worst economic crisis two years ago, the International Monetary Fund has said. Sri Lanka’s year-on-year economic expansion in the third quarter of 2023 was 1.6 percent, and in the fourth …

IMF says the economic situation in debt-stricken Sri Lanka is gradually improving
9 months ago

IMF says the economic situation in debt-stricken Sri Lanka is gradually improving

Associated Press  

COLOMBO, Sri Lanka — The economic situation in debt-stricken Sri Lanka has started to gradually improve following its worst economic crisis two years ago, the International Monetary Fund said Thursday. Sri Lanka’s year-on-year economic expansion in the third quarter of 2023 was 1.6% and in the fourth quarter 4.5%, the IMF said. The economic crisis in early 2022 left Sri …

Sri Lankan president says he is seeking to defer loan payments until 2028 amid economic crisis
9 months, 2 weeks ago

Sri Lankan president says he is seeking to defer loan payments until 2028 amid economic crisis

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Sri Lanka's president said Wednesday …

Sri Lanka’s Financial Crisis Gradually Easing: Ranil Wickremesinghe
10 months, 2 weeks ago

Sri Lanka’s Financial Crisis Gradually Easing: Ranil Wickremesinghe

News 18  

Cash-strapped Sri Lanka is “gradually” emerging from its worst economic crisis after the austerity of an IMF bailout, the president said Sunday in a speech to mark independence day. Sri Lanka saw months of civil unrest at the peak of the economic crisis, culminating in the ouster of then-president Gotabaya Rajapaksa when thousands of protesters stormed his home. The International …

Pulling Sri Lanka out of the abyss
10 months, 3 weeks ago

Pulling Sri Lanka out of the abyss

The Hindu  

On January 9, 2024, the United National Party proposed incumbent Ranil Wickremesinghe as the national presidential candidate for the elections. The first review by the IMF Board in December 2023 rated Sri Lanka’s performance as “satisfactory” meaning total IMF disbursement will be $670 million. A joint venture project between India’s Adani Group and Sri Lanka’s John Keells Holdings seeks to …

Crisis-ridden Sri Lanka’s economic reforms are yielding results, but challenges remain, IMF says
11 months ago

Crisis-ridden Sri Lanka’s economic reforms are yielding results, but challenges remain, IMF says

Associated Press  

COLOMBO, Sri Lanka — Debt-stricken Sri Lanka’s economic reform program is yielding the first signs of recovery, but the improvements still need to translate into improved living conditions for its people, the International Monetary Fund said Friday. “The economic reform program implemented by the Sri Lankan authorities is yielding the first signs of recovery,” said Pete Breuer, the IMF’s senior …

Sri Lanka says debt restructure finalised by April
11 months, 1 week ago

Sri Lanka says debt restructure finalised by April

The Hindu  

Sri Lanka's bankrupt government said Friday that a foreign debt restructure would be finalised by the beginning of April, after signs the economy was emerging from its worst crisis on record. The IMF released a $337-million second tranche of its four-year loan last month after Colombo secured an "in principle" debt agreement with China, Sri Lanka's biggest bilateral lender. Mr. …

Sri Lanka Slaps Taxes on Fuel, Mobiles on New Year to Raise Revenue ahead of Foreign Debt Deal
11 months, 3 weeks ago

Sri Lanka Slaps Taxes on Fuel, Mobiles on New Year to Raise Revenue ahead of Foreign Debt Deal

News 18  

Sri Lanka slapped a new 18 percent value added tax on fuel, mobile phones and computers from Monday to raise desperately needed revenue ahead of a foreign debt restructuring. An earlier VAT of 15 percent on other consumer goods was also increased to 18 percent as the government sought to shore up its finances while Sri Lanka emerges from its …

Sri Lanka will get the second tranche of a much-need bailout package from the IMF
1 year ago

Sri Lanka will get the second tranche of a much-need bailout package from the IMF

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Please enter a valid email address Please enter a valid email address SIGN UP I would like to be emailed about offers, events and updates from The Independent. Please try again later {{ …

Sri Lanka top court finds Rajapaksa brothers guilty of economic crisis
1 year, 1 month ago

Sri Lanka top court finds Rajapaksa brothers guilty of economic crisis

Al Jazeera  

The symbolic ruling says the powerful brothers – including two ex-presidents – triggered the island’s worst financial crisis. Sri Lanka’s Supreme Court has issued a symbolic ruling that the powerful Rajapaksa brothers – including two ex-presidents – were guilty of triggering the island’s worst financial crisis by mishandling the economy. The case was filed by corruption watchdog Transparency International Sri …

Sri Lankan President Ranil Wickremesinghe presents budget; says economy not out of crisis yet
1 year, 1 month ago

Sri Lankan President Ranil Wickremesinghe presents budget; says economy not out of crisis yet

The Hindu  

Sri Lankan President Ranil Wickremesinghe on November 13 presented his government’s 2024 budget, emphasising the need for tough reforms until the full recovery of the cash-strapped island nation's economy. Mr. Wickremesinghe said the cost of living allowances for 1.3 million state employees and pensioners numbering 7,00,000 would be raised by Rs.10,000 and Rs.3,000 respectively from 2024. In Sri Lanka, a …

Sri Lanka ex-president Gotabaya Rajapaksa gets clean chit in 2022 'unaccounted cash' probe
1 year, 2 months ago

Sri Lanka ex-president Gotabaya Rajapaksa gets clean chit in 2022 'unaccounted cash' probe

Firstpost  

The Bribery Commission informed the court that further legal proceedings regarding this incident would not be taken owing to insufficient evidence to proceed with the matter, the Daily Mirror online reported on Thursday Citing lack of evidence, Sri Lanka’s anti-graft commission has dropped a case against former president Gotabaya Rajapaksa in which more than Rs 17 million was discovered by …

Sri Lanka on path of economic recovery: FM Shehan Semasinghe
1 year, 4 months ago

Sri Lanka on path of economic recovery: FM Shehan Semasinghe

The Hindu  

Shehan Semasinghe, State Minister of Finance Sri Lanka, said the island nation is on a recovery path after the worst economic crisis it faced in 2022, and there are opportunities for investors to take part in its growth story. The Sri Lanka government has embarked on a slew of reforms to tide over the crisis in the last 15 months, …

ECONOMIC PERSPECTIVES | Sri Lankan debt crisis to get worse if IMF prescription is heeded
1 year, 5 months ago

ECONOMIC PERSPECTIVES | Sri Lankan debt crisis to get worse if IMF prescription is heeded

The Hindu  

Published : Jul 13, 2023 11:00 IST - 6 MINS READ On July 1, Sri Lanka’s parliament approved, through a majority 122-62 vote, a plan to restructure the government’s domestic debt, which totalled 15.4 trillion Sri Lankan rupees at the end of March 2023. At that point in time, of the government’s total debt of $86.5 billion, $46.9 billion was …

Sri Lanka has no money to hold presidential polls in 2023: Cabinet spokesman
1 year, 6 months ago

Sri Lanka has no money to hold presidential polls in 2023: Cabinet spokesman

Firstpost  

Sri Lanka Cabinet Spokesman Bandula Gunawardena said that no elections would be possible this year as the state finances have not improved Economic crisis hit Sri Lanka will not be holding a snap presidential election this year as the government wants to focus on debt restructuring, said Cabinet Spokesman Bandula Gunawardena. Denying speculations that the government might opt to hold …

IMF says Sri Lanka’s economic recovery shows signs of improvement but challenges remain
1 year, 6 months ago

IMF says Sri Lanka’s economic recovery shows signs of improvement but challenges remain

Associated Press  

COLOMBO, Sri Lanka — Debt-stricken Sri Lanka, which declared bankruptcy last year, is showing signs of economic improvement but its recovery still faces challenges, the International Monetary Fund said Friday. But the economic recovery remains challenging,” said IMF deputy managing director Kenji Okamura after concluding a visit to Sri Lanka, where he met with the country’s top leaders and officials. …

India Extends $1 Billion Credit Line To Sri Lanka For Another Year Amid Economic Crisis
1 year, 6 months ago

India Extends $1 Billion Credit Line To Sri Lanka For Another Year Amid Economic Crisis

ABP News  

In a move to assist Sri Lanka in overcoming its severe economic crisis, India has extended its under-utilized USD 1 billion credit line for an additional year. The agreement between the State Bank of India and the Sri Lankan government was initially signed in March of last year, during the height of the country's economic turmoil. The Indian High Commission …

World Bank ensures continued support for Sri Lanka's economic recovery
1 year, 8 months ago

World Bank ensures continued support for Sri Lanka's economic recovery

The Hindu  

The World Bank has assured crisis-struck Sri Lanka of continued support to stabilise the island nation's economy and enhance its economic recovery, State Finance Minister Shehan Semasinghe has said. State Finance Minister Shehan Semasinghe, who is in Washington to attend the 2023 Spring Meetings of the World Bank Group and the International Monetary Fund, said that the global lender extended …

Crisis-hit Sri Lanka to see economic contraction in 2023: Report
1 year, 8 months ago

Crisis-hit Sri Lanka to see economic contraction in 2023: Report

Live Mint  

Crisis-hit Sri Lanka is estimated to see a contraction in its economic growth this year, according to Asian Development Bank data. The Washington-based financial body has recently approved a 48-month arrangement under the Extended Fund Facility of about USD 3 billion to support Sri Lanka's economic policies and reforms. The needed reforms, according to the development bank's Asian Development Outlook …

Sri Lanka slashes fuel prices in welcome relief amid crisis
1 year, 8 months ago

Sri Lanka slashes fuel prices in welcome relief amid crisis

Firstpost  

Colombo: Sri Lanka’s government on Wednesday announced significant cuts in fuel prices, providing welcome relief for many after a year of shortages and skyrocketing prices amid the country’s worst economic crisis. Sri Lanka earlier this month secured approval of a $2.9 billion IMF bailout program a key step in its recovery from a crisis brought on by the pandemic and …

IMF approves $3-billion bailout for Sri Lanka; tackling corruption a key condition
1 year, 9 months ago

IMF approves $3-billion bailout for Sri Lanka; tackling corruption a key condition

The Hindu  

The International Monetary Fund on March 20 cleared a $3 billion-Extended Fund Facility for Sri Lanka, potentially unlocking more loans for the debt-ridden island nation that is struggling to recover from last year’s economic meltdown. Identifying corruption as a key issue, an IMF “governance diagnostic mission” has started assessing Sri Lanka’s governance and anti-corruption framework in its first such exercise …

Sri Lanka seeks 10-year debt moratorium ahead of IMF bailout
1 year, 9 months ago

Sri Lanka seeks 10-year debt moratorium ahead of IMF bailout

The Hindu  

Cash-strapped Sri Lanka is seeking a 10-year moratorium on its foreign debt, President Ranil Wickremesinghe’s office said on March 20, 2023 on the eve of a desperately needed $2.9 billion IMF bailout. The IMF’s executive board was expected to sign off on Colombo’s bailout application later on Monday after a long delay in securing financial assurances from China, Sri Lanka’s …

Sri Lanka’s economy shrank by record 7.8 percent last year
1 year, 9 months ago

Sri Lanka’s economy shrank by record 7.8 percent last year

Al Jazeera  

The contraction is the biggest in the crisis-hit island nation’s 75 years of independence. Sri Lanka’s crisis-hit economy shrank by a record 7.8 percent last year, official data shows, as the country struggles with its worst financial crisis in seven decades. President Ranil Wickremesinghe has raised taxes and ended generous subsidies on fuel and electricity to boost government revenue after …

Sri Lanka's crisis-hit economy shrank by record 7.8% last year
1 year, 9 months ago

Sri Lanka's crisis-hit economy shrank by record 7.8% last year

Firstpost  

An unprecedented economic crisis sparked huge protests in the island nation, culminating last July when a mob stormed the home of then-president Gotabaya Rajapaksa, forcing him to flee the country and resign Colombo, Sri Lanka: Sri Lanka’s crisis-hit economy shrank a record 7.8 per cent last year as long blackouts and critical fuel shortages put a chokehold on local commerce, …

Economic crisis hit Sri Lanka mulling over using Indian Rupee for transactions
1 year, 9 months ago

Economic crisis hit Sri Lanka mulling over using Indian Rupee for transactions

India TV News  

Amid the economic turbulence, Sri Lanka is exploring the possibility of using the Indian Rupee for economic transactions. "Representatives from the Bank of Ceylon, State Bank of India and the Indian Bank shared their experiences and informed the audience that they had started carrying out INR-denominated trade transactions through respective Vostro/Nostro accounts after the creation of enabling framework by the …

Sri Lanka's central bank raises interest rates in anticipation of IMF bailout
1 year, 9 months ago

Sri Lanka's central bank raises interest rates in anticipation of IMF bailout

India TV News  

Sri Lanka's central bank on Friday decided to raise both deposit and lending interest rates in anticipation of the finalisation of a much-needed bailout facility from the IMF, the governor Nandalal Weerasinghe told reporters. “Given the necessity of fulfilling all the ‘prior actions’ in order to move forward with the finalisation of the IMF Extended Fund Facility arrangement, the Monetary …

The aftermath of Sri Lanka’s economic crash
1 year, 9 months ago

The aftermath of Sri Lanka’s economic crash

The Hindu  

For nearly a year now, many in Sri Lanka have been fervently chanting three letters — IMF. One of the main reasons for the delay had to do with written financing assurances from China, Japan, and India, Sri Lanka’s top three bilateral creditors. Tackling corruption What could potentially make a difference this time is the IMF’s emphasis on fixing Sri …

Sri Lanka police fire tear gas at election protest; 15 injured
1 year, 9 months ago

Sri Lanka police fire tear gas at election protest; 15 injured

The Hindu  

Police in Sri Lanka on February 26, 2023 fired tear gas and water cannons to disperse protesters angry over a decision to postpone local elections after the government said it cannot finance them because of the country's crippling economic crisis. Thousands of supporters of the Opposition National People's Power party tried to march toward the main business district in capital …

Sri Lanka Returns to Uninterrupted Power Supply After a Year; at Higher Cost
1 year, 10 months ago

Sri Lanka Returns to Uninterrupted Power Supply After a Year; at Higher Cost

News 18  

After a year of load-shedding, Sri Lankans will get continuous power from Thursday, albeit with a hike in tariff in line with the conditions set by the IMF. President Ranil Wickremesinghe has directed officials to ensure an uninterrupted power supply to customers after the tariff revision is implemented, a statement from the President’s Media Division said. The state power entity …

Sri Lanka bankruptcy to last until 2026: president
1 year, 10 months ago

Sri Lanka bankruptcy to last until 2026: president

Firstpost  

Tax increases and the removal of fuel and electricity subsidies have been unpopular among Sri Lanka’s public, already hit hard by the crisis and rampant inflation Colombo: Sri Lanka’s president said Wednesday the island nation will remain bankrupt for at least three more years as he works to repair battered government finances following an unprecedented economic crisis. I want to …

Ex-Sri Lanka President Gotabaya Rajapaksa quizzed over hidden cash stash
1 year, 10 months ago

Ex-Sri Lanka President Gotabaya Rajapaksa quizzed over hidden cash stash

Firstpost  

Protesters occupied his presidential palace for several days, discovering 17.5 million rupees hidden in Rajapaksa’s private quarters that they later turned over to police Sri Lankan police told AFP on Wednesday they are investigating ousted president Gotabaya Rajapaksa over a hidden cash stockpile uncovered when protesters stormed his former residence last year. Protesters occupied his presidential palace for several days, …

India did not wait, did what was right to help Sri Lanka: Jaishankar
1 year, 11 months ago

India did not wait, did what was right to help Sri Lanka: Jaishankar

The Hindu  

India did not wait for other bilateral creditors but did “what is right” for Sri Lanka’s economic recovery, visiting External Affairs Minister S. Jaishankar said on Friday, following talks with Sri Lankan President Ranil Wickremesinghe in Colombo. India is “a reliable neighbour, a trustworthy partner, one who is prepared to go the extra mile when Sri Lanka feels the need”, …

Explained: India's big role in helping Sri Lanka tide over its worst-ever economic crisis
1 year, 11 months ago

Explained: India's big role in helping Sri Lanka tide over its worst-ever economic crisis

Firstpost  

India emerged as the top bilateral lender to Sri Lanka in 2022 as the island nation declared bankruptcy and defaulted on its $51 billion foreign debt. Let’s have a closer look at how India has been at the centre of providing aid to crisis-hit Sri Lanka despite the island nation’s growing ties with China. China takes a back seat While …

Ex-president Gotabaya Rajapaksa returns to Sri Lanka: Report
1 year, 11 months ago

Ex-president Gotabaya Rajapaksa returns to Sri Lanka: Report

Hindustan Times  

Former President Gotabaya Rajapaksa, who was ousted from power last year over his government's mishandling of the cash-strapped country's economy, has returned from Dubai, his first foreign trip since returning to Sri Lanka four months ago. Gotabaya Rajapaksa In Sri Lanka: Sri Lanka's former president Gotabaya Rajapaksa. Rajapaksa,73, fled Sri Lanka to the Maldives on a Sri Lankan Airforce plane …

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