China One, But Not The Only Reason Behind Sri Lanka’s Economic Collapse
2 years, 9 months ago

China One, But Not The Only Reason Behind Sri Lanka’s Economic Collapse

News 18  

A massive sand field spreading over 750 acres reclaimed from the Indian Ocean greets the visitors once they enter Fort area of Colombo, the current seat of power built by the Dutch and British former colonial powers of then Ceylon and now Sri Lanka. Many blame China for the current unprecedented economic crisis in the modern history of Sri Lanka. In fact, Sri Lanka became the first nation in South Asia to embrace economic liberalisation. After 2009, for a brief period, Sri Lanka witnessed a big economic growth, attracting huge foreign and domestic investments and raising hopes of millions.

China Sri Lanka British Economic Sri Ceylon Lanka International  british  lankas  china  economic  lanka  international  sri  reason  economy  dollars  power  collapse  island

History of this topic

Sri Lanka's President plans to visit China after his first overseas trip to India: Official
1 month, 2 weeks ago

Sri Lanka's President plans to visit China after his first overseas trip to India: Official

India TV News  

Colombo: Sri Lankan President Anura Kumara Dissanayake plans to visit China following his proposed official trip to India, Cabinet spokesman Nalinda Jayathissa said on Tuesday. On behalf of Prime Minister Narendra Modi, Minister Jaishankar had extended an invitation to President Dissanayake to undertake a visit to India at a mutually convenient date, according to a local media report. The Chinese …

An overturning of Sri Lanka’s old political order
1 month, 3 weeks ago

An overturning of Sri Lanka’s old political order

The Hindu  

The National People’s Power, led by Sri Lanka’s President Anura Kumara Dissanayake, has swept the Sri Lankan parliamentary polls with an astounding majority. There is another side to this story: Sri Lanka is Asia’s oldest electoral democracy, with universal suffrage going back to 1931, and its citizenry, in an awesome political swing, have not only given the new government an …

The Dissanayake administration’s challenge is to reform Sri Lanka's economy
1 month, 3 weeks ago

The Dissanayake administration’s challenge is to reform Sri Lanka's economy

Live Mint  

Among the less well-known winners in Sri Lanka’s parliamentary election last week was Krishnan Kalaichelvi, the daughter of a Malaiyaga Tamil tea-estate worker. With the huge mandate for saba wensak, or genuine change in Sinhala, President Anura Kumara Dissanayake must push through reforms such as the devolution of power to the north and east—and an even more tricky revamp of …

Sri Lanka’s Marxist-leaning president appoints his Cabinet after a resounding election win
1 month, 3 weeks ago

Sri Lanka’s Marxist-leaning president appoints his Cabinet after a resounding election win

Live Mint  

COLOMBO, Sri Lanka — Sri Lanka’s new Marxist-leaning president swore in a 21-member Cabinet on Monday after his party secured a two-thirds parliamentary majority in last week’s election. Sri Lanka’s crisis was largely the result of economic mismanagement combined with fallout from the COVID-19 pandemic, which along with militant attacks in 2019 devastated the important tourism industry. Sri Lanka’s economic …

Sri Lanka president appoints Cabinet after resounding election win
1 month, 3 weeks ago

Sri Lanka president appoints Cabinet after resounding election win

Deccan Chronicle  

Colombo: Sri Lanka’s new Marxist-leaning president swore in a 21-member Cabinet on Monday after his party secured a two-thirds parliamentary majority in last week’s election. Sri Lanka’s crisis was largely the result of economic mismanagement combined with fallout from the COVID-19 pandemic, which along with militant attacks in 2019 devastated the important tourism industry. Sri Lanka’s economic upheaval led to …

Party of Sri Lanka’s new Marxist-leaning president wins two-thirds majority in parliament
1 month, 4 weeks ago

Party of Sri Lanka’s new Marxist-leaning president wins two-thirds majority in parliament

Associated Press  

COLOMBO, Sri Lanka — The party of Sri Lanka’s new Marxist-leaning President Anura Kumara Dissanayake won a two-thirds majority in parliament, according to official election results Friday, providing a strong mandate for his program for economic revival. Of the 225 seats in parliament, 196 were up for grabs under Sri Lanka’s electoral system, which allocates seats in each district among …

Sri Lankan Parliamentary elections begin with issues of welfare, economic reforms at stake | WATCH
2 months 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: Economic crisis, political change, and reconciliation | Interview with Ahilan Kadirgamar
2 months ago

Sri Lanka: Economic crisis, political change, and reconciliation | Interview with Ahilan Kadirgamar

The Hindu  

Published : Nov 14, 2024 14:38 IST - 1 MIN READ On November 14, 2024, Sri Lankans began voting in the snap parliamentary election, the first major test of the ruling National People’s Power party led by President Anura Kumara Dissanayake. Having failed to secure 50 per cent of the vote at the September 21 presidential election, Mr. Dissanayake is …

Sri Lanka Leader Seeks to Bolster Power With Parliamentary Vote
Trending News
2 months ago

Sri Lanka Leader Seeks to Bolster Power With Parliamentary Vote

Live Mint  

-- Sri Lanka holds its first parliamentary elections since the victory of its outsider leftist president, in a test of his ambitious pledges to combat corruption and rewrite an unpopular International Monetary Fund loan program. Anura Kumara Dissanayake called for early polls on the heels of his victory in the Sept. 21 presidential election, widely seen as a stunning rebuke …

Voting ends in Sri Lanka’s parliamentary election that’s key for its new Marxist-leaning president
2 months ago

Voting ends in Sri Lanka’s parliamentary election that’s key for its new Marxist-leaning president

Associated Press  

COLOMBO, Sri Lanka — Sri Lankans voted in a parliamentary election Thursday that is key for the country’s new, Marxist-leaning president to consolidate his party’s power and follow through on promises of economic recovery. The biggest challenge for the NPP — which was founded in 2019 and is a relative newcomer on Sri Lanka’s political scene — is that many …

Corruption is a Central Issue in Sri Lanka’s Upcoming Parliamentary Elections
2 months ago

Corruption is a Central Issue in Sri Lanka’s Upcoming Parliamentary Elections

The Quint  

“The US, with India as its proxy, engineered Sri Lanka’s economic turmoil. As Sri Lanka struggled, India, backed by American funds, swooped in with a lifeline—offering a line of credit while China hesitated. Subramaniam resumed his deliveries, and suddenly, Sri Lankans found themselves indebted to India, blissfully unaware of the hidden puppeteers pulling the strings to undercut China’s influence in …

India’s foreign minister becomes the first such dignitary to visit Sri Lanka since the election
3 months, 1 week 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 …

‘Don’t want to be sandwiched, especially between China and India’: Sri Lankan new President Anura Kumara Dissanayake
3 months, 3 weeks ago

‘Don’t want to be sandwiched, especially between China and India’: Sri Lankan new President Anura Kumara Dissanayake

Hindustan Times  

Sri Lanka’s new President Anura Kumara Dissanayake said the country doesn't want to be sandwiched, especially between China and India, signaling a bold stance on his foreign policy. Sri Lankan new President Anura Kumara Dissanayake waves to supporters during a public rally in Dehiowita. As Sri Lanka navigates its place in an increasingly multipolar world, Anura Kumara Dissanayake, in his …

Marxist Dissanayake wins Sri Lanka's presidential election as voters reject old guard
3 months, 3 weeks ago

Marxist Dissanayake wins Sri Lanka's presidential election as voters reject old guard

NPR  

Marxist Dissanayake wins Sri Lanka's presidential election as voters reject old guard toggle caption Eranga Jayawardena/AP COLOMBO, Sri Lanka — Marxist lawmaker Anura Kumara Dissanayake won Sri Lanka’s presidential election, according to data released by the Election Commission Sunday, as voters rejected the old political guard that has been widely accused of pushing the South Asian nation toward economic ruin. …

Sri Lankans ousted Rajapaksa clan from power two years ago. Now they are back in the fray
3 months, 3 weeks ago

Sri Lankans ousted Rajapaksa clan from power two years ago. Now they are back in the fray

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. “People will understand, you know, because if you look …

How economic pain came to trump ethnic and religious issues in Sri Lanka’s election
3 months, 3 weeks ago

How economic pain came to trump ethnic and religious issues in Sri Lanka’s election

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. open image in gallery A couple walks past an …

Sri Lanka’s presidential election a test for current leader, 2 years after its economy hit bottom
3 months, 3 weeks ago

Sri Lanka’s presidential election a test for current leader, 2 years after its economy hit bottom

Associated Press  

COLOMBO, Sri Lanka — Two years ago, food cart worker Fathima Shiyama had to wait in line, sometimes for days, to get cooking gas, fuel and other essentials. Fathima Shiyama, 48, prepares local delicacies at home, to be sold later from her food cart, in Colombo, Sri Lanka, Tuesday, Sept. 3, 2024. A man sits next to election posters of …

Ramification | Sri Lanka: First presidential election after economic crisis and all weather Colombo-Delhi ties
3 months, 4 weeks ago

Ramification | Sri Lanka: First presidential election after economic crisis and all weather Colombo-Delhi ties

Firstpost  

Irrespective of the outcome of the election, India, as it has done in the past, will continue to support Sri Lanka in its economic recovery President Ranil Wickremesinghe and Prime Minister Dinesh Gunawardena gesture as they arrive at the Election Commission in Rajagiriya to submit his nomination papers for the upcoming presidential election, scheduled for September 21, in Colombo, Sri …

Sri Lankans’ fury forced the powerful Rajapaksa clan out. Now its heir is running for president
4 months ago

Sri Lankans’ fury forced the powerful Rajapaksa clan out. Now its heir is running for president

Associated Press  

COLOMBO, Sri Lanka — When an uprising ousted Sri Lanka’s president, many saw it as the end of his powerful family’s hold on the island nation after more than 12 years of rule. Alan Keenan, senior consultant on Sri Lanka at the International Crisis Group, said the younger Rajapaksa’s bid for the presidency is a test run that would establish …

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

What’s at stake in Sri Lanka’s first presidential vote since its economic meltdown?
4 months, 1 week ago

What’s at stake in Sri Lanka’s first presidential vote since its economic meltdown?

Associated Press  

COLOMBO, Sri Lanka — Sri Lanka will hold its presidential election on Sept. 21 in a crucial vote that will decide the future of the South Asian nation still struggling to recover from its economic collapse in 2022, which provoked mass protests and forced the former President Gotabaya Rajapaksa to flee the country and later resign. Almost 17 million of …

Heir apparent to Sri Lanka’s powerful Rajapaksa family will run in September’s presidential election
5 months, 1 week ago

Heir apparent to Sri Lanka’s powerful Rajapaksa family will run in September’s presidential election

Associated Press  

COLOMBO, Sri Lanka — The man who is considered the heir apparent to the powerful Rajapaksa family in Sri Lanka will contest the presidential election in September, his political party said Wednesday, in an apparent bid to regain his family’s lost power after a humiliating setback two years ago during an unprecedented economic crisis in the Indian ocean island nation. …

Rajapaksas’ party fields Mahinda’s son Namal in Sri Lanka’s presidential race
5 months, 1 week ago

Rajapaksas’ party fields Mahinda’s son Namal in Sri Lanka’s presidential race

The Hindu  

Sri Lanka’s ruling party helmed by the Rajapaksa clan, who were booted out of office by mass protests in 2022, on Wednesday named Namal Rajapaksa, son of former President Mahinda Rajapaksa, as its candidate for the September presidential polls. After Mr. Gotabaya was forced to resign at the height of Sri Lanka’s crushing unprecedented economic crisis in 2022, its MPs …

Sri Lanka gears up for first presidential elections after economic crisis: Why the polls matter – Firstpost
5 months, 2 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 Lankan president says he is seeking to defer loan payments until 2028 amid economic crisis
10 months, 1 week 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 Lankan president says he is seeking to defer loan payments until 2028 amid economic crisis
10 months, 1 week ago

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

Associated Press  

COLOMBO, Sri Lanka — Sri Lanka’s president said Wednesday that he is seeking a loan repayment moratorium until 2028 as the debt-ridden county tries to emerge from bankruptcy. Sri Lanka declared bankruptcy in April 2022 and suspended repayments on some $83 billion in local and foreign loans amid a severe foreign exchange crisis that led to a severe shortage of …

Sri Lanka holds its first presidential election since the country declared bankruptcy
55 years ago

Sri Lanka holds its first presidential election since the country declared bankruptcy

Associated Press  

DATE OF ELECTION Likely in November TYPE OF ELECTION Presidential WHO’S RUNNING Incumbent President Ranil Wickremesinghe could run, seeking a mandate for his tough economic reforms, as the country strives to recover from its worst economic crisis in recent history. WHY IT MATTERS TO THE WORLD The election will be the first held after Sri Lanka was roiled by a …

Sri Lanka’s Financial Crisis Gradually Easing: Ranil Wickremesinghe
11 months, 1 week ago

Sri Lanka’s Financial Crisis Gradually Easing: Ranil Wickremesinghe

News 18  

Cash-strapped Sri Lanka is “gradually” emerging from its worst economic crisis after the austerity of an IMF bailout, the president said Sunday in a speech to mark independence day. Sri Lanka saw months of civil unrest at the peak of the economic crisis, culminating in the ouster of then-president Gotabaya Rajapaksa when thousands of protesters stormed his home. The International …

Pulling Sri Lanka out of the abyss
11 months, 2 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 says debt restructure finalised by April
1 year ago

Sri Lanka says debt restructure finalised by April

The Hindu  

Sri Lanka's bankrupt government said Friday that a foreign debt restructure would be finalised by the beginning of April, after signs the economy was emerging from its worst crisis on record. The IMF released a $337-million second tranche of its four-year loan last month after Colombo secured an "in principle" debt agreement with China, Sri Lanka's biggest bilateral lender. Mr. …

Sri Lanka will get the second tranche of a much-need bailout package from the IMF
1 year, 1 month 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, 1 month 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 top court finds Rajapaksa brothers guilty of economic crisis
1 year, 2 months ago

Sri Lanka top court finds Rajapaksa brothers guilty of economic crisis

Al Jazeera  

The symbolic ruling says the powerful brothers – including two ex-presidents – triggered the island’s worst financial crisis. Sri Lanka’s Supreme Court has issued a symbolic ruling that the powerful Rajapaksa brothers – including two ex-presidents – were guilty of triggering the island’s worst financial crisis by mishandling the economy. The case was filed by corruption watchdog Transparency International Sri …

Sri Lanka ex-president Gotabaya Rajapaksa gets clean chit in 2022 'unaccounted cash' probe
1 year, 2 months ago

Sri Lanka ex-president Gotabaya Rajapaksa gets clean chit in 2022 'unaccounted cash' probe

Firstpost  

The Bribery Commission informed the court that further legal proceedings regarding this incident would not be taken owing to insufficient evidence to proceed with the matter, the Daily Mirror online reported on Thursday Citing lack of evidence, Sri Lanka’s anti-graft commission has dropped a case against former president Gotabaya Rajapaksa in which more than Rs 17 million was discovered by …

How China's absence in Sri Lanka's economic meltdown creates strategic opening for India
1 year, 4 months ago

How China's absence in Sri Lanka's economic meltdown creates strategic opening for India

Firstpost  

China, not quite an iron brother of Sri Lanka’s like Pakistan, surprisingly stayed in the wings during Colombo’s economic meltdown last year, creating strategic space for New Delhi. During Sri Lanka’s first sovereign default in April 2022, approaching IMF for bailout of $3 billion and the rescue efforts including debt treatment China preferred to stay out allowing India to take …

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 …

India Continues To Help Sri Lanka Stand Economically, But Colombo’s Love For Beijing Keeps Soaring
1 year, 6 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 …

Sri Lanka has no money to hold presidential polls in 2023: Cabinet spokesman
1 year, 7 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. …

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 …

Sri Lanka Burning: Mess of its Own Making or China's Years-long Plan Coming to Fruition?
1 year, 8 months ago

Sri Lanka Burning: Mess of its Own Making or China's Years-long Plan Coming to Fruition?

News 18  

Sri Lanka is going through a severe economic crisis, the likes of which only a few countries in the world have witnessed. The Hambantota International Port project was a politically motivated infrastructure project, which started in the home district of the Rajapaksa family that led Sri Lanka’s government from 2005-2014 and from 2019-2022. Debt restructuring and China’s role The only …

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 seeks 10-year debt moratorium ahead of IMF bailout
1 year, 9 months ago

Sri Lanka seeks 10-year debt moratorium ahead of IMF bailout

The Hindu  

Cash-strapped Sri Lanka is seeking a 10-year moratorium on its foreign debt, President Ranil Wickremesinghe’s office said on March 20, 2023 on the eve of a desperately needed $2.9 billion IMF bailout. The IMF’s executive board was expected to sign off on Colombo’s bailout application later on Monday after a long delay in securing financial assurances from China, Sri Lanka’s …

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

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

Firstpost  

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

Sri Lanka leader says IMF deal imminent after China’s pledge
1 year, 10 months ago

Sri Lanka leader says IMF deal imminent after China’s pledge

Associated Press  

COLOMBO, Sri Lanka — Sri Lanka’s president said Tuesday that China has given crucial debt restructuring assurances that mean the bankrupt Indian Ocean nation could get its $2.9 billion bailout package approved soon. He said, however, that difficult economic reforms needed to be carried out as agreed with the IMF and Sri Lanka can’t afford to sidestep from them as …

Sri Lanka: China agrees to restructure loans, says President Ranil Wickremesinghe
1 year, 10 months ago

Sri Lanka: China agrees to restructure loans, says President Ranil Wickremesinghe

Firstpost  

Sri Lanka defaulted on its $46-billion foreign debt last April during its economic crisis, which caused months of food and fuel shortages around the South Asian nation Colombo, Sri Lanka: Sri Lanka’s president said Tuesday that China had agreed to restructure its loans to the bankrupt island nation, clearing the final obstacle to an International Monetary Fund bailout. China’s state-owned …

Economic crisis hit Sri Lanka mulling over using Indian Rupee for transactions
1 year, 10 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 …

Sri Lanka delays first vote since new president
1 year, 10 months ago

Sri Lanka delays first vote since new president

Firstpost  

Colombo: Sri Lanka’s independent election commission indefinitely postponed local polls Friday after the president – installed by parliament last year after his predecessor fled – refused to fund the vote. The 9 March polls would only have picked local councillors but would be the first electoral test for Ranil Wickremesinghe since he took office in July after months of protests …

'No exaggeration to say that due to India's enormous support, Sri Lanka was able to regain financial stability'
1 year, 11 months ago

'No exaggeration to say that due to India's enormous support, Sri Lanka was able to regain financial stability'

Firstpost  

Colombo: Sri Lankan Foreign Minister Ali Sabry on Friday thanked India for the generous support of a USD 3.9 billion credit line last year and the assurances given to the IMF to restructure the country’s debt after External Affairs Minister S Jaishankar conveyed India’s commitment to increase investment flows to hasten the debt-ridden island nation’s economic recovery. It is no …

Discover Related