Poverty in Sri Lanka to spike this year, warns World Bank
2 years, 7 months ago

Poverty in Sri Lanka to spike this year, warns World Bank

Deccan Chronicle  

Colombo: More Sri Lankans will slip into poverty this year, the World Bank has warned, as it urged the debt-ridden island nation to undertake urgent policy measures to address the high levels of debt, trim the fiscal deficit, and mitigate the adverse impacts on the poor and vulnerable. “Around 11.7 per cent of people in Sri Lanka earn less than USD 3.20 per day, the international poverty line for lower-middle income countries, up from 9.2 per cent in 2019,” the Bank said in its Spring Update on the South Asian region. “Less than half of the poor were beneficiaries of the Samurdhi,” Sri Lanka's social safety net programme, “and benefit amounts remain largely inadequate,” it said. The World Bank's April 2022 update of Macro Poverty Outlook for Sri Lanka asserted that the heightened fiscal and external risks as well as the challenging political situation pose significant uncertainty to the economic outlook and the country faces an external financing gap in 2022 and beyond.

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History of this topic

India, Sri Lanka decide to ramp up defence, energy, trade ties
1 week, 1 day ago

India, Sri Lanka decide to ramp up defence, energy, trade ties

The Hindu  

India and Sri Lanka Monday adopted a futuristic vision to expand their partnership, resolved to soon conclude a defence cooperation pact and decided to ramp up energy ties by establishing electricity grid connectivity and multi-product petroleum pipelines. Prime Minister Modi said both sides decided to emphasise investment-led growth and connectivity for the India-Sri Lanka economic partnership, and it was decided …

China uses economic prowess to make inroads into Sri Lanka, provides Rs 30 mn flood relief
1 month, 2 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
2 months, 2 weeks 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 will hold presidential election on Sept. 21, its first since declaring bankruptcy in 2022
4 months, 4 weeks ago

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

Associated Press  

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

Sri Lanka inks pacts with OCC, China to restructure debt
5 months, 3 weeks ago

Sri Lanka inks pacts with OCC, China to restructure debt

Hindustan Times  

New Delhi: Sri Lanka on Wednesday signed separate debt restructuring agreements with the Official Creditors Committee, a group co-chaired by India, and China’s Exim Bank, with New Delhi saying it will continue supporting Colombo’s economic recovery through long-term investments. The Official Creditors Committee is co-chaired by India After the International Monetary Fund’s approval of an extended fund facility for Sri …

Sri Lanka reaches deal on debt restructuring with bilateral creditors including China and France
5 months, 4 weeks ago

Sri Lanka reaches deal on debt restructuring with bilateral creditors including China and France

Associated Press  

COLOMBO, Sri Lanka — Sri Lanka’s President Ranil Wickremesinghe announced a debt restructuring deal with countries including India, France, Japan and China in a televised address to the nation Wednesday. Similarly, we signed another agreement with China’s Exim Bank today in Beijing.. Sri Lanka won,” Wickremesinghe said. Sri Lanka declared bankruptcy in April 2022 and suspended repayments on some $83 …

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

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

Al Jazeera  

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

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

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

Associated Press  

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

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

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

The Independent  

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

Sri Lanka signs free trade agreement with Thailand to revive economy
10 months, 3 weeks ago

Sri Lanka signs free trade agreement with Thailand to revive economy

Firstpost  

Sri Lanka has been renewing a focus on trade deals to foster economic growth and help its battered economy, which is estimated by the World Bank to have contracted 3.8 per cent last year, after a severe foreign exchange crisis plunged it into a financial crisis. In a significant move, Sri Lanka has inked a Free Trade Agreement with Thailand …

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 {{ …

India-Sri Lanka Business Summit: Sitharaman stresses on bilateral arrangements in regional currencies
1 year, 1 month ago

India-Sri Lanka Business Summit: Sitharaman stresses on bilateral arrangements in regional currencies

Live Mint  

Emphasising on the importance of bilateral agreements between the countries, Indian finance minister Nirmala Sitharaman on Thursday said that the global multilateral treaties are now receding. Speaking at the India-Sri Lanka Business Summit in Colombo, Sitharaman said: “Global multilateral treaties are now receding. In her speech, Sitharaman stressed on the importance of bilateral pacts between the countries and said that …

No ‘political strings attached’ to China’s support for Sri Lanka: Xi tells Ranil
1 year, 2 months ago

No ‘political strings attached’ to China’s support for Sri Lanka: Xi tells Ranil

The Hindu  

China will continue to assist Sri Lanka without any “political strings attached” and help the country cope with difficulties, President Xi Jinping told his Sri Lankan counterpart Ranil Wickremesinghe on Friday, according to an official statement, even as Colombo attempts to finalise a debt treatment plan with its creditors, including the Asian giant. Noting that Sri Lanka was among the …

Sri Lanka says it has reached an agreement with China’s EXIM Bank on debt, clearing IMF funding snag
1 year, 2 months ago

Sri Lanka says it has reached an agreement with China’s EXIM Bank on debt, clearing IMF funding snag

Associated Press  

COLOMBO, Sri Lanka — Sri Lanka says it has reached an agreement with the Exim Bank of China on key terms and principles for restructuring its debt, a key step toward unlocking a second instalment of a $2.9 billion package from International Monetary Fund aimed at rescuing the island nation from a dire economic crisis. The finance ministry said in …

US expresses concern to Sri Lanka over China's research ship visit: Report
1 year, 2 months ago

US expresses concern to Sri Lanka over China's research ship visit: Report

India Today  

The US has expressed concern to Sri Lanka about the likely visit of a Chinese research ship next month that could also cause worries in India, which in the past has raised security concerns over docking by China's spy vessels, according to a media report. US Under Secretary Victoria Nuland, who met Sri Lankan Foreign Minister Ali Sabry in New …

Confusion over Sri Lanka granting permission to Chinese survey vessel in October
1 year, 3 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 …

Economic crisis-hit Sri Lanka repays $50 million loan instalment to Bangladesh after two years
1 year, 4 months ago

Economic crisis-hit Sri Lanka repays $50 million loan instalment to Bangladesh after two years

Firstpost  

In August 2021, in a bid to alleviate Sri Lanka’s foreign exchange crisis, Bangladesh extended a lifeline in the form of a $200 million loan from its foreign exchange reserves Cash-strapped Sri Lanka has paid the first instalment of $50 million against a loan obtained from Bangladesh under a currency swap agreement in August 2021. In August 2021, in a …

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 …

How India has revamped its approach to engage with Sri Lanka amid China's growing presence in the Indo-Pacific Region
1 year, 5 months ago

How India has revamped its approach to engage with Sri Lanka amid China's growing presence in the Indo-Pacific Region

Firstpost  

India’s accelerated overtures to Sri Lanka in the past few years are emblematic of its engagements in the wider Indo-Pacific Region Sri Lankan President Ranil Wickremesinghe’s visit to India on 20-21 July came at a time when the ties between the two neighbours have been in flux for the past few years. India’s strategic engagements with Sri Lanka gained traction …

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 …

India says it will continue to support Sri Lanka in overcoming its financial crisis
1 year, 5 months ago

India says it will continue to support Sri Lanka in overcoming its financial crisis

The Hindu  

India has reiterated its willingness to play "a constructive role" in supporting Sri Lanka's efforts for recovery from the worst economic crisis. In May this year, 17 countries that have extended loans to Sri Lanka formed an official creditor committee' co-chaired by India, Japan, and France, to discuss Sri Lanka’s request for debt treatment. Mr. Jacob said India’s financial and …

World Bank approves $700 million for crisis-hit Sri Lanka
1 year, 5 months ago

World Bank approves $700 million for crisis-hit Sri Lanka

The Hindu  

The World Bank has approved $700 million in financing to help Sri Lanka to recover from the current economic crisis and provide relief to the poor and vulnerable people, the biggest funding tranche since the IMF deal in March. The World Bank Board of Directors Wednesday approved $700 million in financing to help Sri Lanka to recover from the current …

India Continues To Help Sri Lanka Stand Economically, But Colombo’s Love For Beijing Keeps Soaring
1 year, 5 months ago

India Continues To Help Sri Lanka Stand Economically, But Colombo’s Love For Beijing Keeps Soaring

ABP News  

The day was July 9, 2022 when the world witnessed unprecedented developments taking place in Indian Ocean island nation of Sri Lanka even as a large number of protestors stormed the President’s palace in Colombo that eventually led to an unceremonious escape of then President Gotabaya Rajapaksa to Maldives and then to Singapore. During a two-day visit to China, Sri …

World Bank doles out $700 million to cash-strapped Sri Lanka
1 year, 5 months ago

World Bank doles out $700 million to cash-strapped Sri Lanka

Firstpost  

Sri Lanka, which has been reeling under its worst financial crisis, has got some relief from the World Bank to keep the wheel of its economy running. The funding to Sri Lanka by the World Bank is biggest since an International Monetary Fund deal in March. “Through a phased approach, the World Bank Group strategy focuses on early economic stabilization, …

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 cuts policy rates to reduce inflation and boost economic recovery
1 year, 6 months ago

Sri Lanka cuts policy rates to reduce inflation and boost economic recovery

The Hindu  

On June 1, Sri Lanka’s Central Bank slashed the policy interest rates by 250 basis points, the first since the “historic contraction” of the island nation’s economy in 2022, saying it will reduce high inflation and provide an impetus for growth. The Monetary Board of the Central Bank of Sri Lanka decided to cut the policy rate by 250 basis …

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 …

India extends $1-bn credit facility for Sri Lanka by one year
1 year, 6 months ago

India extends $1-bn credit facility for Sri Lanka by one year

Hindustan Times  

NEW DELHI: India on Tuesday extended by a year a $1-billion credit facility provided to the Sri Lankan government to cope with an economic crisis, with officials saying this was done in response to a request from Colombo. The credit facility was extended through the State Bank of India in response to a specific request from the Sri Lankan government …

India extends $1 billion credit line to Sri Lanka by another year
1 year, 6 months ago

India extends $1 billion credit line to Sri Lanka by another year

The Hindu  

India on May 30 extended its $1 billion credit line to Sri Lanka by another year to help the island nation hit hard by an unprecedented economic crisis procure much-needed food, medicine and other essential items. An agreement was signed between the State Bank of India and the Sri Lankan government for $1 billion credit facility in March last year. …

Debt-ridden Sri Lanka gets $350 million loan from Asian Development Bank
1 year, 6 months ago

Debt-ridden Sri Lanka gets $350 million loan from Asian Development Bank

Live Mint  

In a sigh of relief for the debt-struck island nation, the Asian Development Bank approved a $350 million special loan to Sri Lanka on Monday. "ADB is concerned about the deep crisis in the country and its impact on the people of Sri Lanka, especially the poor and the vulnerable, particularly women," ADB President Masatsugu Asakawa said in the statement. …

Sri Lankan envoy Moragoda stresses importance of economic integration with India
1 year, 8 months ago

Sri Lankan envoy Moragoda stresses importance of economic integration with India

Hindustan Times  

NEW DELHI: Sri Lankan high commissioner Milinda Moragoda stressed the importance of economic integration between Sri Lanka and India while addressing the Economic Advisory Council to the Prime Minister on Wednesday. Sri Lankan high commissioner Milinda Moragoda addressed the Economic Advisory Council to the Prime Minister of India at the invitation of its chairman, Bibek Debroy. Moragoda stressed the importance …

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

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

Live Mint  

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

In Sri Lanka, a long and rocky road to economic recovery
1 year, 8 months ago

In Sri Lanka, a long and rocky road to economic recovery

The Hindu  

For Sri Lanka’s ruling establishment and its backers, March 20 was a good news day. “Sri Lanka will no longer be deemed bankrupt,” President Ranil Wickremesinghe said during a special address to Parliament, projecting the deal, which he desperately coveted, as a crucial economic milestone. “We have the opportunity to uplift our motherland again.” Sri Lanka would “regain recognition” in …

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 economy shrank by record 7.8 percent last year
1 year, 9 months ago

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

Al Jazeera  

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

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

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

Firstpost  

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

Sri Lanka uses part of Indian financial aid to buy textbooks for 4 million students
1 year, 9 months ago

Sri Lanka uses part of Indian financial aid to buy textbooks for 4 million students

Firstpost  

India announced a $1 billion line of credit to Sri Lanka last year as part of its financial aid to help the country deal with its economic crisis. Sri Lanka was hit by a financial crisis in 2022 that also sparked political turmoil in the island nation that led to the ouster of the Rajapaksa family Colombo: Sri Lanka has …

India helped Sri Lanka more than any other country during economic crisis: Lankan Foreign Minister Ali Sabry
1 year, 9 months ago

India helped Sri Lanka more than any other country during economic crisis: Lankan Foreign Minister Ali Sabry

India TV News  

Sri Lanka Foreign Minister Ali Sabry has praised India saying that New Delhi helped them more than any other country especially when they were going through its worst economic crisis. Speaking during Raisina Dialogue 'Ideas Pod', Sabry said that not just the Indian government came forward with bold decisions but even the Indian people came forward to support Sri Lanka. …

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 …

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

The aftermath of Sri Lanka’s economic crash

The Hindu  

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

Sri Lanka 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 …

China confirms offer to Sri Lanka of debt moratorium
1 year, 10 months ago

China confirms offer to Sri Lanka of debt moratorium

Associated Press  

BEIJING — China’s government on Friday confirmed it is offering Sri Lanka a two-year moratorium on loan repayments as the Indian Ocean island nation struggles to restructure $51 billion in foreign debt that pushed it into a financial crisis. China lent to Sri Lanka as part of Beijing’s multibillion-dollar Belt and Road Initiative to increase trade by building ports and …

India’s helping hand for Sri Lanka | The View From India
1 year, 11 months ago

India’s helping hand for Sri Lanka | The View From India

The Hindu  

India last week became the first of Sri Lanka’s creditors to officially back the crisis-hit country’s debt restructuring programme by sending financial assurances to the International Monetary Fund. The IMF has made its $2.9-billion package for Sri Lanka contingent on “receiving financing assurances from the island nation’s official creditors. India’s External Affairs Minister S. Jaishankar, who visited Colombo on January …

India to ‘encourage greater investments’ in crisis-hit Sri Lanka
1 year, 11 months ago

India to ‘encourage greater investments’ in crisis-hit Sri Lanka

Al Jazeera  

Sri Lanka’s worst-ever economic crisis is seeing a shortage of foreign currency, runaway inflation and a steep recession. “India will encourage greater investments in the Sri Lankan economy, especially in core areas like energy, tourism and infrastructure,” India’s Foreign Minister Subrahmanyam Jaishankar told reporters in Colombo on Friday. “We count on the government of Sri Lanka to provide a more …

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 …

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 …

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