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 limit fishing and shops and industries to limit production and business. President Gotabaya Rajapaksa last week sacked Udaya Gammanpila as energy minister after he publicly discussed the enormity of the crisis and criticized authorities for not prioritizing imports. Sri Lanka’s foreign reserves have dwindled because its tourism sector is severely affected by the COVID-19 pandemic and exports are down.

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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 …

India unveils measures to help Lankan economy recover
3 weeks, 2 days ago

India unveils measures to help Lankan economy recover

Hindustan Times  

New Delhi New Delhi: President Droupadi Murmu with Sri Lankan President Anura Kumara Dissanayake during a banquet hosted by her in his honour at Rashtrapati Bhavan, in New Delhi, Monday. India on Monday unveiled a slew of measures to boost development and physical and energy connectivity with Sri Lanka, with Prime Minister Narendra Modi assuring President Anura Kumara Dissanayake of …

Sri Lankan Parliamentary elections begin with issues of welfare, economic reforms at stake | WATCH
1 month, 3 weeks 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 …

China uses economic prowess to make inroads into Sri Lanka, provides Rs 30 mn flood relief
1 month, 4 weeks ago

China uses economic prowess to make inroads into Sri Lanka, provides Rs 30 mn flood relief

Firstpost  

Sri Lanka saw two rounds of massive flooding this year with over two dozen deaths and displacement of more than 50,000 people across the country A man waves the Sri Lankan national flag near the Presidential secretariat in Colombo, Sri Lanka, July 17. Image: Arun Sankar/AFP China has provided financial assistance to the tune of Rs 30 million to compensate …

India’s foreign minister becomes the first such dignitary to visit Sri Lanka since the election
3 months ago

India’s foreign minister becomes the first such dignitary to visit Sri Lanka since the election

Associated Press  

COLOMBO, Sri Lanka — India’s Foreign Minister S. Jaishankar met Sri Lanka’s newly elected President Anura Kumara Dissanayake Friday in the first such visit of a dignitary since a new government took office in the island nation last month, amid questions over how Dissanayake would balance between regional powers China and India. At the same time, China’s support to restructure …

Sri Lanka: The country famed for pristine beaches and ancient temples hoping to rebuild tourism
3 months, 4 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 …

​Back from the brink: The Hindu Editorial on the Sri Lankan elections and the road ahead
4 months, 3 weeks 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 …

Economic conditions in debt-stricken Sri Lanka improving, IMF says
9 months, 2 weeks 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, 2 weeks 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
10 months 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 …

Crisis-ridden Sri Lanka’s economic reforms are yielding results, but challenges remain, IMF says
11 months, 3 weeks 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 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 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

Associated Press  

COLOMBO, Sri Lanka — The International Monetary Fund executive board approved the release of the second tranche of a $2.9 billion dollar bailout package to help Sri Lanka recover from the worst economic crisis in its history. In a statement, the fund said the decision Tuesday to release $337 million came after Sri Lanka had made “commendable progress” toward debt …

The second installment of Sri Lanka’s bailout was delayed. The country hopes it’s coming in December
1 year, 1 month ago

The second installment of Sri Lanka’s bailout was delayed. The country hopes it’s coming in December

Associated Press  

COLOMBO, Sri Lanka — The governor of Sri Lanka’s Central Bank said Friday he’s confident it will receive the second instalment of a $2.9-billion bailout package from the International Monetary Fund before the end of the year, after payment was delayed due to inadequate oversight and debt restructuring. The IMF’s review in September said Sri Lanka’s economy was recovering, but …

Sri Lanka approves free tourist visas for visitors from India, six other countries
1 year, 2 months ago

Sri Lanka approves free tourist visas for visitors from India, six other countries

The Hindu  

Sri Lanka on October 24 waived visa fee for Indians and tourists from six other countries, as part of its efforts to boost tourist arrivals and help rebuild the island nation’s battered economy following last year’s financial crash. As part of its decisions this week, the Cabinet announced implementation of a pilot project to issue free tourist visas to tourists …

Sri Lanka parliament debates the health minister’s fate over reports of lack of drugs, hospital care
1 year, 4 months ago

Sri Lanka parliament debates the health minister’s fate over reports of lack of drugs, hospital care

Associated Press  

COLOMBO, Sri Lanka — Sri Lankan lawmakers began a debate on the fate of country’s health minister on Wednesday, seeking to remove him over his alleged failure to secure enough essential drugs and laboratory equipment that some say resulted in preventable deaths in hospitals. Sri Lanka provides free health service through state-run hospitals but they have suffered from a shortage …

Confusion over Sri Lanka granting permission to Chinese survey vessel in October
1 year, 4 months ago

Confusion over Sri Lanka granting permission to Chinese survey vessel in October

Hindustan Times  

Confusion prevails in Sri Lanka over granting permission to Chinese Research vessel Shi Yan 6 to conduct ocean survey off the island nation in October after New Delhi raised its serious concerns with the Ranil Wickremesinghe government. India has officially raised concerns to Sri Lanka for allowing a free run to Chinese survey, surveillance and ballistic missile trackers ships at …

Sri Lanka Woos Indian Travellers with Weak Currency
1 year, 4 months ago

Sri Lanka Woos Indian Travellers with Weak Currency

Deccan Chronicle  

Sri Lanka is as safe as any tourist place in the world. We were building back and then things stopped a little bit last year with some news of unrest coming out of Sri Lanka about 15 months ago. India is now the number one source of tourists for Sri Lanka. Tourism directly or indirectly supports two million people in …

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, …

Still incomplete: on India-Sri Lanka ties and their vision
1 year, 5 months ago

Still incomplete: on India-Sri Lanka ties and their vision

The Hindu  

With a joint statement on economic cooperation, India and Sri Lanka outlined a forward-looking vision for their relations. The statement, entitled “Promoting Connectivity, Catalysing Prosperity: India-Sri Lanka Economic Partnership Vision”, released after talks between Prime Minister Narendra Modi and Sri Lankan President Ranil Wickremesinghe in Delhi last week, lays out the vision in five areas: maritime, air, energy, trade and …

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 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 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, 7 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 reduces interest rates for 1st time since bankruptcy as economy shows signs of rebounding
1 year, 7 months ago

Sri Lanka reduces interest rates for 1st time since bankruptcy as economy shows signs of rebounding

Associated Press  

COLOMBO, Sri Lanka — The Central Bank of Sri Lanka reduced its interest rates Thursday for the first time since the island nation declared bankruptcy, after stern fiscal controls, improved foreign currency income and help from an International Monetary Fund program resulted in inflation slowing faster than expected. The Central Bank said in a statement that the lending and deposit …

India Extends $1 Billion Credit Line To Sri Lanka For Another Year Amid Economic Crisis
1 year, 7 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 …

Crisis-hit Sri Lanka to see economic contraction in 2023: Report
1 year, 9 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, 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 police fire tear gas at election protest; 15 injured
1 year, 10 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 police fire tear gas at election protest; 15 hurt
1 year, 10 months ago

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

Associated Press  

COLOMBO, Sri Lanka — Police in Sri Lanka on Sunday 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 …

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 hikes power prices by 66% hoping to ensure IMF bailout
1 year, 10 months ago

Sri Lanka hikes power prices by 66% hoping to ensure IMF bailout

Firstpost  

The IMF has agreed to lend Sri Lanka $2.9 billion in September to overcome its worst financial crisis in seven decades, but the bailout comes with conditions that include raising taxes, removing subsidies and cutting public sector debt Colombo: Amid a full-blown economic crisis, Sri Lanka on Thursday raised electricity prices by 66%, in a move that the government hopes …

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 …

Sri Lanka to slash military by a third to cut costs
1 year, 11 months ago

Sri Lanka to slash military by a third to cut costs

Al Jazeera  

The bankrupt country says it will reduce number of army personnel to 135,000 by next year and 100,000 by 2030 as it grapples with an economic crisis. Sri Lanka will drastically slash its military, the Ministry of Defence has announced, as the country tries to cut costs in the face of its worst economic crisis in decades. The government cut …

Sri Lanka’s government cuts expenses as economy tanks
1 year, 11 months ago

Sri Lanka’s government cuts expenses as economy tanks

Associated Press  

COLOMBO, Sri Lanka — Sri Lanka’s government said Tuesday it was cutting down expenses in the latest austerity drive to help it recover from its worst economic crisis. He said that the government was “trying its best to curtail other expenses too.” Sri Lanka’s Parliament last month approved a 5.82 trillion rupee budget, which provides for the restructuring of state-owned …

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 …

Mahinda Rajapaksa blames ‘foreign forces’ for Sri Lanka’s crisis
2 years, 1 month ago

Mahinda Rajapaksa blames ‘foreign forces’ for Sri Lanka’s crisis

The Hindu  

COLOMBO: Two-time President and former Prime Minister Mahinda Rajapaksa on Tuesday blamed “foreign forces” and the former government for Sri Lanka’s economic collapse, while admitting to “some wrong decisions” taken by their ousted administration. Foreign powers “eyeing Sri Lanka’s national assets”, and their “local agents” who were “still active” were fuelling anti-government protests, Mr. Mahinda told Parliament, during the second …

Sri Lanka aims to hike taxes in budget to soften crisis
2 years, 1 month ago

Sri Lanka aims to hike taxes in budget to soften crisis

Associated Press  

COLOMBO, Sri Lanka — Sri Lanka’s president on Monday proposed to more than double the country’s tax revenue as the island nation struggles to come out from its worst economic crisis. “These tax reforms will help increase revenue in 2023 and beyond, enabling to move away from costly monetary financing to cover government expenditure in the future,” said Wickremesinghe. According …

ECONOMIC PERSPECTIVES | Can austerity end the Sri Lanka crisis?
2 years, 2 months ago

ECONOMIC PERSPECTIVES | Can austerity end the Sri Lanka crisis?

The Hindu  

Published : Oct 20, 2022 10:15 IST In May 2022, Sri Lanka was declared to be in default on payments against external borrowings that were due on April 18. Moreover, the IMF staff-level agreement has yet to go through the organisation’s board and is likely to receive support only if other creditors agree to a plan that ensures “restructuring” and …

Being a refugee in Sri Lanka amid a biting economic downturn
2 years, 3 months ago

Being a refugee in Sri Lanka amid a biting economic downturn

The Hindu  

The two large beds, with no gap in between, occupy almost the entire area of the room, barely 12 X 8 feet. “This long wait has been agonising for us,” said Riffat Fareedun, 39, a refugee from Karachi living in Sri Lanka’s coastal city of Negombo, about 40 km north of Colombo. Ruki Fernando, a human rights defender working with …

Photos: Crisis pushes more Sri Lankans into poverty
2 years, 4 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 is bankrupt because of the Rajapaksas’ - The Hindu
2 years, 4 months ago

‘Sri Lanka is bankrupt because of the Rajapaksas’ - The Hindu

The Hindu  

Sri Lanka’s economic crisis is a consequence of the corruption over two Rajapaksa regimes, said former President Chandrika Bandaranaike Kumaratunga, admitting she is “thrilled” by the aragalaya or people’s movement that overthrew them recently. Observing that she would “wait and watch” how President Ranil Wickremesinghe, who relies on the Rajapaksas’ party in parliament, fares, Ms. Kumaratunga contended that his government …

Sri Lanka President Raises IMF Loan Hopes, Budget Aims to Bolster Revenue
2 years, 4 months ago

Sri Lanka President Raises IMF Loan Hopes, Budget Aims to Bolster Revenue

News 18  

Sri Lanka’s talks with the International Monetary Fund on a bailout package have made solid progress, its president said on Tuesday, as he presented an interim budget aimed at boosting revenue and mending the country’s battered finances. In an address to parliament, President Ranil Wickremesinghe also said the government would aim to control inflation and introduce legislation to bolster central …

Sri Lanka President raises IMF loan hopes, budget aims to bolster revenue
2 years, 4 months ago

Sri Lanka President raises IMF loan hopes, budget aims to bolster revenue

The Hindu  

Sri Lanka’s talks with the International Monetary Fund on a bailout package have made solid progress, its President said on August 30, as he presented an interim budget aimed at boosting revenue and mending the country’s battered finances. In an address to parliament, President Ranil Wickremesinghe also said the government would aim to control inflation and introduce legislation to bolster …

Sri Lanka must manage existing resources: Central Bank Governor
2 years, 4 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 …

Fuel hike in Bangladesh reignites fears of Sri Lanka-like-crisis in the country
2 years, 5 months ago

Fuel hike in Bangladesh reignites fears of Sri Lanka-like-crisis in the country

Op India  

Days after hinting at an impending economic crisis, the Bangladeshi government on Friday increased the price of petrol by 51.7% and diesel by 45.2%. Huge lines are reported at petrol stations all over Bangladesh… 🔊sound pic.twitter.com/JQmUsLBIAD — Wall Street Silver August 7, 2022 The high inflation has also landed a severe blow on the country’s garment industry as people are …

America’s strong dollar is hurting everyone else
2 years, 5 months ago

America’s strong dollar is hurting everyone else

CNN  

London CNN Business — The US dollar has been on a tear this year. A shortage of dollars in Sri Lanka contributed to the worst economic crisis in the country’s history, ultimately forcing its president out of office last month. “It’s been a challenging environment,” said William Jackson, chief emerging markets economist at Capital Economics. Manik Narain, head of cross-asset …

Sri Lanka leader proposes 25-year plan for crisis-hit nation
2 years, 5 months ago

Sri Lanka leader proposes 25-year plan for crisis-hit nation

Associated Press  

COLOMBO, Sri Lanka — Sri Lanka’s new president said Wednesday that his government is preparing a national policy roadmap for the next 25 years that aims to cut public debt and turn the country into a competitive export economy as it seeks a way out of its worst economic disaster. President Ranil Wickremesinghe in his speech to Parliament said Sri …

Cost of living: ‘How to manage?’ laments Sri Lankan market vendor
2 years, 5 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 …

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