Sri Lanka lifts vehicles import ban for first time in 4 years
3 weeks ago

Sri Lanka lifts vehicles import ban for first time in 4 years

Live Mint  

Colombo, Dec 18 Sri Lanka has announced that they will lift the vehicles import ban which was put in place in 2020 to ease the pressure on foreign exchange reserves due to the COVID-19 pandemic. The Ministry of Finance said the policy to ban vehicle imports was implemented with the intention of easing the pressure on foreign exchange reserves due to the COVID-19 pandemic and the economic downturn of 2022. “These conditions have been imposed with the intention of safeguarding foreign exchange reserves of the country by way of discouraging importation of an excessive number of vehicles and keeping unnecessary stock of motor vehicles by the importers while spending substantial amounts of foreign exchange," a statement said. The IMF bailout conditions dictate that Sri Lanka must build up its forex reserves to prevent a crisis similar to 2022 when shortage of foreign reserves led to the absence of fuel and essentials.

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History of this topic

Sri Lanka declares five-day holiday to avoid bank run over IMF debt deal
1 year, 6 months ago

Sri Lanka declares five-day holiday to avoid bank run over IMF debt deal

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 has declared a …

Sri Lanka slashes fuel prices in welcome relief amid crisis
1 year, 9 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'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 imports 600,000 metric tonnes of substandard rice due to flawed chemical fertiliser ban: Minister
2 years, 4 months ago

Sri Lanka imports 600,000 metric tonnes of substandard rice due to flawed chemical fertiliser ban: Minister

India TV News  

Highlights Poisonous rice has been imported due to flawed decision of previous government Last year, Gotabaya Rajapaksa put a blanket ban on imports of chemical fertilizers Sri Lanka is going through its worst economic crisis since its independence in 1948 Sri Lanka economic crisis : Lanka's Agricultural Minister Mahinda Amaraweera informed Parliament on Thursday that the cash-strapped country had to …

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 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

India TV News  

Highlights Sri Lanka has slapped a ban on the import of 300 consumer items, like chocolates and shampoo Sri Lanka is going through its worst economic crisis since its independence in 1948 Sri Lanka is desperate for an IMF bailout and talks for a staff-level agreement have commenced Sri Lanka has slapped a ban on the import of 300 consumer …

Bhutan to ban import of almost all vehicles to stave off Sri Lanka-like crisis
2 years, 4 months ago

Bhutan to ban import of almost all vehicles to stave off Sri Lanka-like 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 Bhutan has decided to ban …

‘How can we cope?’ ask Sri Lankans as gov’t limits fuel imports
2 years, 5 months ago

‘How can we cope?’ ask Sri Lankans as gov’t limits fuel imports

Al Jazeera  

People in crisis-hit island nation raise serious concerns over the government’s move to restrict imports for another 12 months. Colombo, Sri Lanka – Mothers, taxi drivers, health workers and many other Sri Lankans are raising serious concerns over the government’s announcement that fuel imports will be restricted for another 12 months. “So I bought one litre for 3,000 rupees today …

Sri Lanka to restrict fuel imports for next 12 months
2 years, 5 months ago

Sri Lanka to restrict fuel imports for next 12 months

The Hindu  

Sri Lanka will restrict fuel imports for the next 12 months because of a severe shortage of foreign exchange, its energy minister said on July 25, as the island nation's new government seeks to find a way out of a crippling economic crisis. "Due to Forex issues, Fuel imports has to be restricted in the next 12 months," Sri Lanka's …

Sri Lanka fuel crisis: Govt declares week-long holiday for schools from tomorrow
2 years, 6 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 …

Significant progress in talks with Sri Lanka: IMF
2 years, 6 months ago

Significant progress in talks with Sri Lanka: IMF

The Hindu  

The International Monetary Fund on Thursday said it has made“significant progress” in talks with Sri Lanka, which has sought the global financial institution’s help to cope with its unprecedented economic crisis. Concluding a ten-day visit to the island nation, an IMF team said: “Significant progress was made, and discussions will continue virtually towards reaching a staff-level agreement on the EFF …

Sri Lanka runs out of fuel, comes to a near-standstill
2 years, 6 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 under virtual lockdown as fuel restricted for pvt cars
2 years, 6 months ago

Sri Lanka under virtual lockdown as fuel restricted for pvt cars

Al Jazeera  

Gov’t decided on Monday to limit distribution of fuel to essential services until July 10 and told residents to stay home. Sri Lanka abruptly restricted fuel supplies and told residents to stay home, raising the risk of more unrest as the government struggles to provide essential goods due to a crippling sovereign debt crisis that has rocked the country for …

Sri Lanka runs out of fuel, suspends sales for two weeks
2 years, 6 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 …

Sri Lanka Economic Crisis Updates: Prez Appoints 3-member Fiscal Advisory Group; India Says 'We Stand Ready to Continue to Help'
2 years, 9 months ago

Sri Lanka Economic Crisis Updates: Prez Appoints 3-member Fiscal Advisory Group; India Says 'We Stand Ready to Continue to Help'

News 18  

Sri Lanka Economic Crisis Updates: As Sri Lanka facing a severe economic crisis that triggered a political upheaval, India on Thursday said it stands ready to continue assisting the island nation to recover from the difficulties in line with its ‘Neighbourhood First’ policy. Sri Lanka witnessed massive street protests in the last few days view of the economic crisis and …

Sri Lanka Economic Crisis: Street Lights Off, Forex Reserves Exhausted; What Led To Chaos?
2 years, 9 months ago

Sri Lanka Economic Crisis: Street Lights Off, Forex Reserves Exhausted; What Led To Chaos?

News 18  

The economic crisis in Sri Lanka is deepening and the government there is taking strict measures, including imposing emergency, to deal with the protests over the country’s worst financial woe in decades. Forex Reserves Sri Lanka’s foreign exchange reserves have depleted by 70 per cent to USD 2.3 billion as of February in the past two years, thus impacting the …

Sri Lanka fuel prices soar as economy reels
2 years, 9 months ago

Sri Lanka fuel prices soar as economy reels

The Hindu  

One of Sri Lanka's biggest fuel suppliers hiked the price of gasoline by nearly 20% on Saturday, the second increase in as many weeks, as the country struggles to import oil without dollars. There was no immediate price revision from the state-owned Ceylon Petroleum Corporation but its representatives, who asked to remain anonymous, told AFP it was almost certain to …

AP PHOTOS: Sri Lankan power cuts affect all walks of life
2 years, 9 months ago

AP PHOTOS: Sri Lankan power cuts affect all walks of life

Associated Press  

COLOMBO, Sri Lanka — Sri Lanka is going through hours of daily power cuts since it can’t operate turbines because of a fuel shortage and the government has only a little foreign currency to pay for oil imports. The country has no power for 7 1/2 hours a day, forcing children to study under homemade kerosene oil lamps, fishermen to …

Photos: Power cuts in Sri Lanka have hit all walks of life
2 years, 9 months ago

Photos: Power cuts in Sri Lanka have hit all walks of life

Al Jazeera  

Sri Lanka is going through hours of daily power cuts, unable to keep its oil-powered turbines going because of a fuel shortage and a lack of foreign currency to pay for oil imports. Sri Lanka also has coal-fired power plants as well as hydroelectric ones, but dry weather has limited hydropower production. President Gotabaya Rajapaksa last week sacked Udaya Gammanpila …

Sri Lanka heeds protests, lifts ban on agrochemical imports
3 years, 1 month ago

Sri Lanka heeds protests, lifts ban on agrochemical imports

Associated Press  

COLOMBO, Sri Lanka — Sri Lanka’s government has withdrawn a ban on imports of agrochemicals that it said was aimed at encouraging organic cultivation. But he said government subsidies, price guarantees for produce and technical support will only be provided to those who use organic fertilizer. The ban, which many analysts said was more an effort to preserve Sri Lanka’s …

Sri Lanka President Admits 'Not Delivering' as Foreign Exchange Squeeze Makes Prices Soar
3 years, 2 months ago

Sri Lanka President Admits 'Not Delivering' as Foreign Exchange Squeeze Makes Prices Soar

News 18  

Sri Lankan President Gotabaya Rajapaksa admitted his government is “not delivering” as shortages persist of food, medicines and other essential items because of a dire foreign exchange squeeze. Within hours of Rajapaksa’s remarks on Sunday, the government also announced an 85 percent hike in the price of liquified petroleum gas used in cooking stoves, starting Monday. Foreign reserves were $7.5 …

EXPLAINED: Why Sri Lanka's Food Crisis Is Actually A Forex Problem
3 years, 4 months ago

EXPLAINED: Why Sri Lanka's Food Crisis Is Actually A Forex Problem

News 18  

Long queues have been reported at food markets and prices of staples are trending upwards as Sri Lanka grapples with an economic crisis that has hit imports and now forced the government to declare an emergency. According to reports, Sri Lanka President Gotabaya Rajapaksa declared the emergency under the public security ordinance with a view to stabilising the prices of …

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