Explained | What caused the Sri Lankan economic crisis?
3 years, 3 months ago

Explained | What caused the Sri Lankan economic crisis?

The Hindu  

The story so far: Sri Lanka’s government declared an economic emergency last week amid rising food prices, a depreciating currency, and rapidly depleting forex reserves. The Sri Lankan government has blamed speculators for causing the rise in food prices by hoarding essential supplies and has declared an economic emergency under the Public Security Ordinance. Further, Sri Lanka’s central bank earlier this year prohibited traders from exchanging more than 200 Sri Lankan rupees for an American dollar and stopped traders from entering into forward currency contracts. Further, the decision of the Sri Lankan central bank to ban forward contracts and the spot trading of rupees at above 200 rupees to an American dollar may affect essential supplies.

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History of this topic

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 gears up for first presidential elections after economic crisis: Why the polls matter – Firstpost
4 months, 4 weeks ago

Sri Lanka gears up for first presidential elections after economic crisis: Why the polls matter – Firstpost

Firstpost  

Sri Lanka will hold presidential elections on September 21, the first since the country’s devastating economic crisis began in 2019. Incumbent President Ranil Wickremesinghe, who has been instrumental in stabilising the economy with an IMF bailout, faces significant challenges amid widespread public discontent and economic hardship Sri Lanka's President Ranil Wickremesinghe looks on during an interview at Presidential Secretariat, amid …

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 …

Over half of Sri Lanka’s population ‘multidimensionally vulnerable’: UNDP study
1 year, 3 months ago

Over half of Sri Lanka’s population ‘multidimensionally vulnerable’: UNDP study

The Hindu  

The crushing economic crisis in Sri Lanka last year has left more than half of the island’s population “multidimensionally vulnerable”, according to a national citizens’ survey led by the United Nations Development Programme. GROUND ZERO | In Sri Lanka, a long and rocky road to economic recovery The findings of UNDP’s study, carried out in partnership with the ‘Citra Social …

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. …

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 …

Families reduce food given to children: Hunger crisis in Sri Lanka deepens
1 year, 9 months ago

Families reduce food given to children: Hunger crisis in Sri Lanka deepens

Live Mint  

The economic crisis in Sri Lanka has escalated into a severe hunger crisis, with half of families in the country forced to reduce the amount of food they provide for their children, according to a survey by Save the Children. The government and international community must take immediate action to prevent Sri Lanka's children from becoming a lost generation, the …

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 …

Half of Sri Lanka families reducing children food intake: Charity
1 year, 9 months ago

Half of Sri Lanka families reducing children food intake: Charity

Al Jazeera  

The government and the global community must act to prevent the country’s children from ‘becoming a lost generation’, warns Save the Children. The Sri Lankan government and the international community must act now to prevent the country’s children from “becoming a lost generation”, Save the Children warned in a report published on Thursday. While half of Sri Lankan households are …

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 …

Urban poverty triples in Sri Lanka amid enduring crisis
2 years, 2 months ago

Urban poverty triples in Sri Lanka amid enduring crisis

The Hindu  

As Sri Lankans continue braving their worst economic crisis since Independence, urban poverty on the island has tripled in the last year, from 5% to 15 %, according to a recent World Bank report. Sri Lanka is experiencing “its highest poverty rate since 2009, and an erosion of the steady gains in welfare made between 2006 and 2019,” the Bank …

Sri Lanka's economic crisis pushes millions into poverty as government seeks IMF bailout
2 years, 3 months ago

Sri Lanka's economic crisis pushes millions into poverty as government seeks IMF bailout

ABC  

In her outstretched palms, 49-year-old Nilanthi Gunasekera holds her family's last remaining handful of dried fish — a reminder of Sri Lanka's worst economic crisis in decades. Key points: An economic crisis has pushed many Sri Lankans into poverty More than one-quarter of the population is struggling to secure adequate, nutritious food, the UN says The new government of is …

Photos: Crisis pushes more Sri Lankans into poverty
2 years, 3 months ago

Photos: Crisis pushes more Sri Lankans into poverty

Al Jazeera  

Millions of Sri Lankans are battling a calamitous decline in living standards, as they find themselves forced to skip meals, ration medicines and turn to firewood in place of cooking gas. Hit hard by the COVID-19 pandemic, rising oil prices and economic mismanagement under previous governments, the island nation is in the throes of its starkest crisis since independence from …

Sri Lanka must manage existing resources: Central Bank Governor
2 years, 3 months ago

Sri Lanka must manage existing resources: Central Bank Governor

The Hindu  

Sri Lanka should learn to manage its economy with the limited foreign exchange reserves, Governor of the country’s Central Bank Nandalal Weerasinghe has said, as the island nation grapples with an unprecedented economic crisis. Mr. Weerasinghe also commented on the finance ministry’s recently imposed temporary suspension on the importation of over 300 nonessential goods in view of the country's current …

Silent tragedy strikes Sri Lanka as hunger crisis looms
2 years, 3 months ago

Silent tragedy strikes Sri Lanka as hunger crisis looms

The Hindu  

Published : Aug 27, 2022 13:10 IST The last of the international media organisations that parachuted journalists into Colombo, when the economic hardship of the people metamorphosed into a political problem, packed up and left Colombo in early August. Food intake down “Sri Lankans are cutting down on their food intake,” said an official from an international agency, who did …

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 …

Cost of living: ‘How to manage?’ laments Sri Lankan market vendor
2 years, 4 months ago

Cost of living: ‘How to manage?’ laments Sri Lankan market vendor

Al Jazeera  

Amid soaring costs and 80% food inflation, a trader in Colombo is forced to eat less, ration medicine and buy fuel on the black market to get by. Colombo, Sri Lanka – Mohamed Rajabdeen’s four-wheel yellow mini-truck, known locally as a tempo, is parked at a street corner in Colombo’s Pettah market, one of the city’s busiest and most bustling …

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 …

India says Sri Lanka crisis severe, no spillover
2 years, 5 months ago

India says Sri Lanka crisis severe, no spillover

Deccan Chronicle  

New Delhi: External affairs minister S. Jaishankar told an all-party meeting here on Tuesday that Sri Lanka was facing “a very serious crisis” which makes India “naturally worried” about a “spillover” into this country. “The reason we took the initiative to request you all to join an all-party meeting was.that this is a very serious crisis and what we are …

Sri Lanka President Ranil Wickremesinghe declares emergency
2 years, 5 months ago

Sri Lanka President Ranil Wickremesinghe declares emergency

Live Mint  

Sri Lanka's acting president Ranil Wickremesinghe has declared a state of emergency in the country, according to a government notice. Sri Lanka's protest movement reached its 100th day Sunday, having forced one president from office and now turning its sights on his successor as the country's economic crisis continues. Sri Lanka is facing its worst economic crisis since independence from …

Why Sri Lankan economic crisis is going to repeat in a dozen other nations, including Pakistan and Ukraine
2 years, 5 months ago

Why Sri Lankan economic crisis is going to repeat in a dozen other nations, including Pakistan and Ukraine

India TV News  

Sri Lanka economic crisis: A close neighbour to India and a great tourism hub, Sri Lanka saw its worst economic crisis in the past few months. Experts say a dozen countries — including Egypt, Tunisia, Sudan, Afghanistan and Pakistan — could suffer the same fate as Lebanon and Sri Lanka, as the post-pandemic recovery and war in Ukraine spark global …

Sri Lanka crisis: The story of our next-door neighbour's collapse | Photo Diary
2 years, 5 months ago

Sri Lanka crisis: The story of our next-door neighbour's collapse | Photo Diary

India Today  

Starving people, a crippling economy, dysfunctional politics, a sea of protesters on the streets and police trying to maintain law and order - that's the story of our next-door neighbour, Sri Lanka. Reeling under a severe foreign exchange crisis with falling reserves, Sri Lanka is now struggling to elect a president after Gotabaya Rajapaksa fled the country and Ranil Wickremesinghe …

Sri Lanka crisis: Over six million people 'food insecure', says World Food Programme
2 years, 5 months ago

Sri Lanka crisis: Over six million people 'food insecure', says World Food Programme

Firstpost  

The economic crisis has led to an acute shortage of essential items like food, medicine, cooking gas, fuel and toilet paper, with Sri Lankans being forced to wait in lines for hours outside stores to buy fuel and cooking gas United Nations: Over six million people or over 28 per cent of Sri Lanka’s population are “food insecure” and this …

How Sri Lanka spiraled into crisis | Explained
2 years, 5 months ago

How Sri Lanka spiraled into crisis | Explained

India Today  

Sri Lanka's economic crisis looks to have finally toppled President Gotabaya Rajapaksa. That wiped out much of Sri Lanka's revenue base, most notably from the lucrative tourism industry, while remittances from nationals working abroad dropped and were further sapped by an inflexible foreign exchange rate. Rating agencies, concerned about government finances and its inability to repay large foreign debt, downgraded …

Sri Lanka crisis explained in 5 points
2 years, 5 months ago

Sri Lanka crisis explained in 5 points

Hindustan Times  

Sri Lanka’s President Gotabaya Rajapaksa has fled the country and the Prime Minister Ranil Wickremesinghe has promised to resign in the face of massive protests and the economy’s collapse. To get up to speed, here’s a short FAQ with the key facts: Sri Lanka army soldiers patrol near the official residence of president Gotabaya Rajapaksa days after it was stormed …

Lessons for India from Sri Lanka economic crisis
2 years, 5 months ago

Lessons for India from Sri Lanka economic crisis

India Today  

Sri Lanka is facing an unprecedented economic and political crisis. The economic crisis in the southern neighbour has been in the making for several years, and recent geopolitical developments have pushed the country towards chaos and bankruptcy. As per RBI data in its last annual report, the foreign debt has increased from US$ 409 billion in 2013 to US$ 615 …

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 …

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 …

Sri Lanka Crisis: President Rajapaksa flees to Maldives with wife, bodyguards; was to step down today
2 years, 5 months ago

Sri Lanka Crisis: President Rajapaksa flees to Maldives with wife, bodyguards; was to step down today

India TV News  

Highlights Lawmakers agreed to elect a new president next week but struggled on the makeup of a new government For days, people have flocked to the presidential palace almost as if it were a tourist attraction Sri Lanka has been bankrupt and has been struggling with major political collapse Sri Lanka crisis: President Gotabaya Rajapaksa fled the country with his …

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: Why more countries are facing similar economic turmoil
2 years, 5 months ago

Sri Lanka crisis: Why more countries are facing similar economic turmoil

India Today  

Sri Lanka's President Gotabaya Rajapaksa and Prime Minister Ranil Wickremesinghe have said they will resign for an all-party interim government to take over. In April 2019, the Easter Sunday terror attacks hit Sri Lanka’s tourism industry, one of its biggest foreign currency earners. CHINESE TRAP China’s investments in infrastructure projects, or debt-traps, deepened Chinese influence over Sri Lanka but also …

Sri Lankan crisis is serious matter, India's focus is on helping them: EAM S Jaishankar
2 years, 5 months ago

Sri Lankan crisis is serious matter, India's focus is on helping them: EAM S Jaishankar

India Today  

External Affairs Minister S Jaishankar on Sunday called the economic crisis in Sri Lanka a “serious matter” and said India’s focus at the moment is on helping them. Jaishankar said India had earlier given Sri Lanka a line of credit which kept essential commodities flowing to them for the past several months. India denies reports of sending troops to Sri …

Sri Lanka Crisis Updates: 'Missing' President Rajapaksa Orders Distribution of Cooking Gas amid Stir
2 years, 5 months ago

Sri Lanka Crisis Updates: 'Missing' President Rajapaksa Orders Distribution of Cooking Gas amid Stir

News 18  

Sri Lanka Crisis LIVE Updates: India on Sunday said it stands with the people of the island nation and it will continue to follow the recent developments. India stands with the people of Sri Lanka as they seek to realize their aspirations for prosperity and progress through democratic means and values, established institutions and constitutional framework,” MEA spokesperson Arindam Bagchi …

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 economic crisis: President Gotabaya Rajapaksa flees as protesters storm residence
2 years, 5 months ago

Sri Lanka economic crisis: President Gotabaya Rajapaksa flees as protesters storm residence

India Today  

Sri Lanka's President Gotabaya Rajapaksa fled his official residence in Colombo on Saturday moments before thousands of protesters broke through police barricades and stormed the compound. Live reports on @IndiaToday: https://t.co/p6JV6FzCub pic.twitter.com/8zlJdBfN2P — Shiv Aroor July 9, 2022 Local TV channel NewsFirst showed video footage from the protest where people can be seen holding Sri Lankan flags and helmets. Police …

Sri Lanka protests turn wild: What pushed country into a crippling economic crisis | Explained
2 years, 5 months ago

Sri Lanka protests turn wild: What pushed country into a crippling economic crisis | Explained

India TV News  

Sri Lanka witnessed its biggest protest on Saturday as thousands of citizens took to the streets their agony over the island nation's crippling economic crisis. Quick updates on what's going on in Lanka currently Sri Lankan protesters stormed President Gotabaya Rajapaksa’s residence and nearby office on Saturday. Russia Ukraine war Russia is the second biggest importer of Sri Lankan tea, …

What is Sri Lanka doing to fix economic mess? Top points
2 years, 5 months ago

What is Sri Lanka doing to fix economic mess? Top points

India Today  

Sri Lanka's central bank raised key interest rates to the highest in two decades on Thursday to bring down record inflation, despite the country wilting under a devastating economic crisis. CENTRAL BANK'S MAJOR STEP The bank increased the standing lending facility rate by 100 basis points to 15.50 per cent while the standing deposit facility rate was similarly raised to …

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 …

As Sri Lanka economic crisis worsens, daily wage workers struggle
2 years, 5 months ago

As Sri Lanka economic crisis worsens, daily wage workers struggle

Al Jazeera  

Government restricting sale of fuel for essential services means less work for people who depend on daily wages for livelihood. Sri Lanka is facing its worst economic crisis in more than 70 years, with its economy shrinking by 1.6 percent in the first quarter of this year, according to official data. ‘We are done for’ The economic crisis has forced …

As Sri Lanka descends into an economic and humanitarian crisis, the people paying the price vow those responsible won't 'get away easily'
2 years, 5 months ago

As Sri Lanka descends into an economic and humanitarian crisis, the people paying the price vow those responsible won't 'get away easily'

ABC  

Chamila Nilanthi is tired of all the waiting. Key points: Sri Lanka is descending into a complete economic breakdown, the likes of which are rarely seen in middle-income economies Economists say the problems are akin to the collapse that currently plagues Venezuela, and the troubles that swept Indonesia in the 1990s However, all these theories and explanations are of little …

Sri Lanka hikes fuel prices as it faces economic collapse
2 years, 5 months ago

Sri Lanka hikes fuel prices as it faces economic collapse

Al Jazeera  

The move comes a day after the energy minister said there would be an indefinite delay in getting new shipments of oil. Wijesekera said oil due last week had not turned up while shipments scheduled to arrive next week would also not reach Sri Lanka because of “banking” reasons. A delegation from the US Departments of Treasury and State arrived …

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 …

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 …

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