How a powerful dynasty bankrupted Sri Lanka in 30 months
2 years, 7 months ago

How a powerful dynasty bankrupted Sri Lanka in 30 months

Al Jazeera  

Ahead of the November 2019 election, Sri Lankan presidential challenger Gotabaya Rajapaksa proposed sweeping tax cuts so reckless the incumbent government thought it must be a campaign gimmick. “The Rajapaksas are withdrawing, but that doesn’t mean they’re going to surrender,” said Jehan Perera, a newspaper columnist and the executive director of the National Peace Council of Sri Lanka, an independent advocacy group. They face human rights violations, accusations of war crimes, and corruption charges.” For 12 of the last 20 years, members of the Rajapaksa family have controlled the highest reaches of Sri Lanka’s government. “But unfortunately, the government was hell-bent on its decision.” In recent weeks, Sri Lanka ran out of cash to pay for essential goods like food and fuel, leading to long petrol lines and daily 13-hour power cuts.

China Sri Lanka Tax Power Country Minister Lanka Sri Cuts Rajapaksas Rajapaksa Gotabaya Namal Rajapaksa Mahinda  power  30  cuts  tax  sri  rajapaksas  months  dynasty  lanka  powerful  bankrupted  rajapaksa  country  minister  food

History of this topic

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 …

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 {{ …

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 …

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 …

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 …

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 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, …

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 …

Bankrupt Sri Lanka Says Treasury Running Dry, Cuts Spending
1 year, 11 months ago

Bankrupt Sri Lanka Says Treasury Running Dry, Cuts Spending

News 18  

Bankrupt Sri Lanka announced on Tuesday sharp government spending cuts and warned it had barely enough revenue to pay public salaries and pensions despite huge tax hikes. The island nation has defaulted on its $46 billion public debt and is negotiating an International Monetary Fund bailout after an unprecedented economic crisis last year brought widespread misery. President Ranil Wickremesinghe ordered …

Sri Lanka bans import of 300 items of consumer goods to stabilise economy
2 years, 4 months ago

Sri Lanka bans import of 300 items of consumer goods to stabilise economy

The Hindu  

Sri Lanka has slapped a ban on the import of 300 consumer items like chocolates, perfumes and shampoos as part of the cash-strapped island nation’s bid to tackle its worst economic crisis triggered by the shortage of foreign exchange. The worsening forex crisis caused essential items shortages triggering massive public protests in the street since early this year that led …

Sri Lanka has a new president after driving out ‘evil’ Gota, but its rot goes deeper and further than any leader or clan
2 years, 5 months ago

Sri Lanka has a new president after driving out ‘evil’ Gota, but its rot goes deeper and further than any leader or clan

Firstpost  

Sri Lankan crisis is also a cautionary tale for climate activists who have taken the green pill and want human race to turn back the clock to an idyllic past Rajapaksa clan’s ouster, culminating in Gotabaya’s escape to Singapore and resignation as Sri Lankan president, is a political marker. Cumulatively, as a Chatham House paper indicates, “investment in Sri Lanka …

China can't be absolved of Sri Lanka's collapse
2 years, 5 months ago

China can't be absolved of Sri Lanka's collapse

Live Mint  

The thoroughly grim assessment of Sri Lanka’s economy by its central bank governor over the weekend was overshadowed by the drama around its former president Gotabaya Rajapaksa fleeing last week and the election on Wednesday of Ranil Wickremesinghe as his successor. While Indian credit helped Sri Lanka import fuel as the crisis worsened, Weerasinghe in his 16 July interview said …

Live updates: Sri Lanka in crisis after president flees
2 years, 5 months ago

Live updates: Sri Lanka in crisis after president flees

CNN  

A man carries a Liquefied Petroleum Gas cylinder after collecting it at distribution point in Colombo, Sri Lanka, on July 12. Over the past decade, the Sri Lankan government has borrowed vast sums of money from foreign lenders to fund public services, said Murtaza Jafferjee, chair of Colombo-based think tank Advocata Institute. This borrowing spree has coincided with a series …

Live updates: Sri Lanka in crisis after president flees
2 years, 5 months ago

Live updates: Sri Lanka in crisis after president flees

CNN  

A man carries a Liquefied Petroleum Gas cylinder after collecting it at distribution point in Colombo, Sri Lanka, on July 12. Over the past decade, the Sri Lankan government has borrowed vast sums of money from foreign lenders to fund public services, said Murtaza Jafferjee, chair of Colombo-based think tank Advocata Institute. This borrowing spree has coincided with a series …

Sri Lanka in crisis: What, why and how?
2 years, 5 months ago

Sri Lanka in crisis: What, why and how?

Al Jazeera  

Unprecedented economic crisis looks to have finally toppled President Gotabaya Rajapaksa as he flees to the Maldives. Sri Lanka’s unprecedented economic crisis looks to have finally toppled President Gotabaya Rajapaksa. The finance ministry says Sri Lanka has only $25m in usable foreign reserves and needs $6bn to stay afloat for six months. Analysts say economic mismanagement by successive governments weakened …

Timeline: Sri Lanka’s worst economic, political crisis in decades
2 years, 5 months ago

Timeline: Sri Lanka’s worst economic, political crisis in decades

Al Jazeera  

Island nation mired in a deep crisis as its president flees country, days after a huge crowd of protesters stormed his residence. Sri Lanka is mired in a deep political and economic crisis and the country’s president has flown out of the country, days after a huge crowd of protesters stormed his residence. April 3: Cabinet resigns Almost all of …

EXPLAINER: Why Sri Lanka’s economy collapsed and what’s next
2 years, 5 months ago

EXPLAINER: Why Sri Lanka’s economy collapsed and what’s next

Associated Press  

COLOMBO, Sri Lanka — Sri Lanka’s prime minister said late last month that the island nation’s debt-laden economy had “collapsed” as it runs out of money to pay for food and fuel. Still, Mukherjee noted that Sri Lanka sits in one of the world’s busiest shipping lanes, so letting a country of such strategic significance collapse is not an option. …

Sri Lanka crisis: How did we get here and what comes next?
2 years, 5 months ago

Sri Lanka crisis: How did we get here and what comes next?

Al Jazeera  

Protesters occupying government buildings say they will remain until the president and the prime minister step down. Following months of economic, political, and social turbulence in Sri Lanka, thousands of protesters stormed key government buildings in the capital Colombo on Saturday, including the official residence of President Gotabaya Rajapaksa. The Rajapaksa legacy The Rajapaksa family has dominated Sri Lankan politics …

Gas lines and scuffles: Sri Lanka faces humanitarian crisis
2 years, 5 months ago

Gas lines and scuffles: Sri Lanka faces humanitarian crisis

Associated Press  

COLOMBO, Sri Lanka — Chamila Nilanthi is tired of all the waiting. “I don’t know how long we have to do this.’’ A few years ago Sri Lanka’s economy was growing strongly enough to provide jobs and financial security for most. Indonesia, once touted as an “Asian Tiger’’ economy, endured Depression-level deprivation in the late 1990s that led to riots …

Sri Lanka admits bankruptcy, warns of crisis through 2023
2 years, 5 months ago

Sri Lanka admits bankruptcy, warns of crisis through 2023

The Hindu  

Sri Lanka is bankrupt and the acute pain of its unprecedented economic crisis will linger until at least the end of next year, Prime Minister Ranil Wickremesinghe told parliament on Tuesday. He said Sri Lanka's ongoing bailout talks with the International Monetary Fund depended on finalising a debt restructuring plan with creditors by August. A video on the Sri Lanka …

Sri Lanka is ‘bankrupt,’ says Prime Minister Ranil Wickremesinghe
2 years, 5 months ago

Sri Lanka is ‘bankrupt,’ says Prime Minister Ranil Wickremesinghe

CNN  

Colombo, Sri Lanka CNN — Sri Lanka is “bankrupt,” Prime Minister Ranil Wickremesinghe said Tuesday, as the country suffers its worst financial crisis in decades, leaving millions struggling to buy food, medicine and fuel. This is not a straightforward process.” Sri Lanka is in the midst of its worst financial crisis in seven decades, after its foreign exchange reserves plummeted …

With no fuel and no cash, Sri Lanka grinds to a halt
2 years, 5 months ago

With no fuel and no cash, Sri Lanka grinds to a halt

Al Jazeera  

Less than a day’s worth of fuel remains, says the energy minister, as the cash-strapped nation extends school closures. Sri Lanka has less than a day’s worth of fuel left, the energy minister says, with public transport grinding to a halt as the country’s economic crisis deepens. Power and energy minister Kanchana Wijesekera on Sunday said petrol reserves were about …

Sri Lanka fuel crisis: Govt declares week-long holiday for schools from tomorrow
2 years, 5 months ago

Sri Lanka fuel crisis: Govt declares week-long holiday for schools from tomorrow

India TV News  

Highlights Schools will remain shut for a week as the country faces a severe fuel crisis People were asked to work from home while several teachers were requested to teach online Since the fuel crisis many people opted to use bicycles as mode of transportation Sri Lankan schools will remain shut for a week as the country faces a severe …

Getting Sri Lanka out of the economic mess
2 years, 5 months ago

Getting Sri Lanka out of the economic mess

The Hindu  

The economic crisis that has gripped Sri Lanka is becoming more acute. Many troubled economies in the past have faced problems that Sri Lanka faces at the moment, such as high inflation, shortage of essential goods, depleting foreign exchange reserves, sovereign debt default, etc. The task before the Sri Lankan central bank is to provide assurance that it will not …

Sri Lanka runs out of fuel, comes to a near-standstill
2 years, 5 months ago

Sri Lanka runs out of fuel, comes to a near-standstill

The Hindu  

Cash-strapped Sri Lanka suspended nationwide fuel sales, except for essential services, for nearly a fortnight as the island faces a rapidly worsening economic crisis. Colombo turns to India Sri Lanka’s High Commissioner to India, Milinda Moragoda on Monday met Union Minister of Petroleum and Natural Gas, Hardeep Singh Puri in New Delhi to discuss the possibility of “securing petrol and …

Sri Lanka runs out of fuel, suspends sales for two weeks
2 years, 5 months ago

Sri Lanka runs out of fuel, suspends sales for two weeks

The Hindu  

Cash-strapped Sri Lanka suspended nationwide fuel sales, except for essential services, for nearly a fortnight as the island faces a rapidly worsening economic crisis. Colombo turns to India Sri Lanka’s High Commissioner to India, Milinda Moragoda on Monday met Union Minister of Petroleum and Natural Gas, Hardeep Singh Puri in New Delhi to discuss the possibility of “securing petrol and …

TMSEp201: Sri Lanka crisis, crypto, housing finance cos, President election
2 years, 6 months ago

TMSEp201: Sri Lanka crisis, crypto, housing finance cos, President election

Business Standard  

Sri Lanka’s economy is in a free fall for a while now, it is hurtling fast towards bankruptcy. This crisis is having a crippling effect on its apparel and famous tea industries also -- the mainstays of Sri Lanka’s economy. But some spillover of the Lanka crisis is hurting Indian businesses too, like the auto sector. While analysts believe that …

EXPLAINER: Why Sri Lanka’s economy collapsed and what’s next
2 years, 6 months ago

EXPLAINER: Why Sri Lanka’s economy collapsed and what’s next

Associated Press  

COLOMBO, Sri Lanka — Sri Lanka’s prime minister says the island nation’s debt-laden economy has “collapsed” as it runs out of money to pay for food and fuel. Prime Minister Ranil Wickremesinghe, who took office in May, was emphasizing the monumental task he faces in turning around an economy he said is heading for “rock bottom.” Sri Lankans are skipping …

Sri Lanka parliament shuts early after petrol runs out
2 years, 6 months ago

Sri Lanka parliament shuts early after petrol runs out

The Hindu  

Sri Lanka’s parliament has cancelled its remaining sittings for the week to save fuel, officials said on Thursday, with a disastrous economic crisis rapidly depleting the island nation’s already scarce petrol supplies. Parliamentary officials said lawmakers decided not to hold sessions on Thursday and Friday to avoid unnecessary petrol use, days after authorities closed schools and some state offices for …

Sri Lanka's economy has 'completely collapsed': Wickremesinghe
2 years, 6 months ago

Sri Lanka's economy has 'completely collapsed': Wickremesinghe

India Today  

Sri Lanka's economy has "completely collapsed" and it is facing a far more serious situation beyond the mere shortages of fuel, gas, electricity and food, Prime Minister Ranil Wickremesinghe warned on Wednesday, underscoring the urgency of arriving at an early agreement with the IMF to obtain an additional credit facility. Sri Lanka has been facing the worst economic crisis since …

Why Sri Lanka's economy collapsed and what's next | Explained
2 years, 6 months ago

Why Sri Lanka's economy collapsed and what's next | Explained

India TV News  

Highlights Sri Lanka's Prime Minister said the country's economy has "collapsed" Tropical Sri Lanka does not normally lack food but people are going hungry Doctors have resorted to social media to try to get critical supplies of equipment and medicine Sri Lanka's prime minister says the island nation's debt-laden economy has “collapsed” as it runs out of money to pay …

Sri Lankan prime minister: Island’s economy ‘has collapsed’
2 years, 6 months ago

Sri Lankan prime minister: Island’s economy ‘has collapsed’

Associated Press  

COLOMBO, Sri Lanka — Sri Lanka’s debt-laden economy has “collapsed” after months of shortages of food, fuel and electricity, the prime minister told lawmakers Wednesday in comments that underscored the country’s dire situation as it seeks help from international lenders. Wickremesinghe’s remarks also sent a message to potential lenders: “You can’t let a country of such strategic importance collapse,” said …

Sri Lanka’s crisis cripples once burgeoning middle class
2 years, 6 months ago

Sri Lanka’s crisis cripples once burgeoning middle class

Associated Press  

COLOMBO, Sri Lanka — Miraj Madushanka never thought he’d need government rations to ensure his family could eat two meals a day, but Sri Lanka’s economic crisis, the worst in its history, has recast his life and those of many others in its burgeoning middle class. The prime minister, Ranil Wickremesinghe, said Wednesday the economy has “completely collapsed.” Until recently, …

Sri Lanka PM Ranil Wickremesinghe says economy has collapsed, unable to buy oil
2 years, 6 months ago

Sri Lanka PM Ranil Wickremesinghe says economy has collapsed, unable to buy oil

The Hindu  

Sri Lanka’s Prime Minister says its debt-laden economy has “collapsed” after months of shortages of food, fuel and electricity, and the South Asian island nation cannot even purchase imported oil. Mr. Wickremesinghe said the government had failed to act in time to turn the situation around, as Sri Lanka’s foreign reserves dwindled. But Mr. Wickremesinghe said India would not be …

Sri Lanka cabinet moves to clip President Rajapaksa’s powers
2 years, 6 months ago

Sri Lanka cabinet moves to clip President Rajapaksa’s powers

Al Jazeera  

Cabinet approves amendment to the constitution in a move to appease protesters calling for President Gotabaya Rajapaksa to quit. The Sri Lankan cabinet has approved constitutional reforms that will limit the powers of the president in a move aimed at appeasing the protesters calling for President Gotabaya Rajapaksa to quit over the country’s worst economic crisis in decades. The decision …

Sri Lanka's fuel crisis touches new heights: Govt to shut offices, schools from next week
2 years, 6 months ago

Sri Lanka's fuel crisis touches new heights: Govt to shut offices, schools from next week

India TV News  

The fuel crisis in Sri Lanka hit a new high, with the country's government announcing a shut-down of public sector offices from next week, beginning Monday. The country has been facing several power cuts, and the government has now asked teachers in all government and government approved private schools in the Colombo city limits to conduct online classes from next …

Sri Lanka schools, govt. offices to shut as transport grinds to halt
2 years, 6 months ago

Sri Lanka schools, govt. offices to shut as transport grinds to halt

The Hindu  

Sri Lankan authorities on Friday announced a two-week shutdown of government offices and schools, as public transport ground almost entirely to a halt due to a lack of dollars to pay for imported fuel. Sri Lanka is facing its worst economic crisis since gaining independence in 1948, and has been unable to finance the import of necessities such as food, …

Sri Lankan President Rajapaksa instructs officials to stockpile essentials, amid looming food shortage
2 years, 6 months ago

Sri Lankan President Rajapaksa instructs officials to stockpile essentials, amid looming food shortage

Firstpost  

Colombo: Sri Lankan President Gotabaya Rajapaksa has instructed officials to stockpile adequate essentials and warned against organised efforts of traders from creating an artificial scarcity amidst an impending food shortage facing the island nation in the next three months, media reports said on Friday. The President’s request comes after experts have warned of a possible shortage of rice and other …

Crisis-hit Sri Lanka hikes fuel prices to record high
2 years, 7 months ago

Crisis-hit Sri Lanka hikes fuel prices to record high

Deccan Chronicle  

COLOMBO: Cash-strapped Sri Lanka sharply hiked fuel prices on Tuesday to a record high, causing further pain to the country's 22 million people in its worst crisis since independence. The census office reported Monday that the country's overall inflation last month was a staggering 33.8 percent year on year, with food inflation at an even higher 45.1 percent. However, an …

Sri Lanka crisis: Cash-strapped country out of petrol, says PM Ranil Wickremesinghe
2 years, 7 months ago

Sri Lanka crisis: Cash-strapped country out of petrol, says PM Ranil Wickremesinghe

Firstpost  

Wickremesinghe said the government had also run out of cash to pay the 1.4 million civil servants their salaries in May, and he will turn to money printing as a last resort Colombo: Crisis-hit Sri Lanka has run out of petrol and is unable to find dollars to finance essential imports, the new prime minister said Monday in an address …

Sri Lanka: People running out of food, fuel and medicine
2 years, 7 months ago

Sri Lanka: People running out of food, fuel and medicine

The Hindu  

"I have a 10-month-old baby. I couldn't even buy medicines for her when she was sick last week," said Gunarathna Vaani, who resides in the suburbs of Sri Lanka's capital Colombo. A dire economic crisis Many of Sri Lanka's 22 million people are facing acute shortages of food, fuel and medicine as the island nation finds itself battling one of …

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 …

EXPLAINER: What caused Sri Lanka’s economic collapse?
2 years, 7 months ago

EXPLAINER: What caused Sri Lanka’s economic collapse?

Associated Press  

COLOMBO, Sri Lanka — The South Asian nation of Sri Lanka is experiencing an unprecedented economic collapse that has pushed the government into a deep crisis. Much of the public ire has been directed at President Gotabaya Rajapaksa and his brother, former Prime Minister Mahinda Rajapaksa, who are blamed by critics for leading the country into the economic crisis. The …

Cash-strapped Sri Lanka to sell 'golden' visas
2 years, 7 months ago

Cash-strapped Sri Lanka to sell 'golden' visas

India Today  

Cash-strapped Sri Lanka announced on Tuesday it would sell long-term visas to attract desperately needed foreign currency after the island nation ran out of dollars to pay even for food and fuel. Foreigners who deposit a minimum of $100,000 locally will be granted permission to live and work in Sri Lanka for 10 years under the "Golden Paradise Visa Program", …

Sri Lanka stock exchange halts trade again as shares see massive plunge
2 years, 7 months ago

Sri Lanka stock exchange halts trade again as shares see massive plunge

Hindustan Times  

The share market in crisis-torn Sri Lanka plunged nearly 13 per cent leading to halting of trade for the second time this month on Monday, after resuming from a two-week break. Sri Lankan students protest outside the residence of Prime Minister Mahinda Rajapaksa in Colombo on Sunday. Monday was the first morning of trade on the Colombo bourse following a …

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