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Latest Articles in economic crisis

World Bank Has No New Financing Plans For Crisis-Hit Sri Lanka

The World Bank does not plan to offer new financing to Sri Lanka, which is battling its worst economic crisis in decades, until the Indian Ocean nation has an adequate macroeconomic policy framework in place, the lender said on Thursday

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SL Foreign Trade Up Despite Economic Crisis; Exports To India Grow 21%

Having declared an international debt default in April the island nation is currently negotiating with the International Monetary Fund for a possible bailout

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Unprecedented Developments In Sri Lanka Were Inevitable: Experts

On India's reaction to the developments in Sri Lanka, Ambassador Kantha described it as "balanced and carefully-crafted"

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Explained | Financial Crisis Brewing In India's Backyard

Experts believe that the Chinese debt trap is a tool for President Xi Jinping to fulfill his dream to expand across South Asia and gain strategic and political leverage against its rival, especially India

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Sri Lanka Looking To Purchase Russian Oil Amid Economic Crisis

He said that two ministers are scheduled to travel to Russia on Monday to discuss fuel and other diplomatic-related matters

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Sri Lankan Govt Creates Two New Ministries To Handle Economic Crisis

Perera had headed the Board of Investment as a political appointee and was also the Secretary to the ministry of Highways between 2005-15 under the former president Mahinda Rajapaksa

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Sri Lanka Lifts State Of Emergency Amid Crisis, Anti-govt Protests

The state of emergency gave the police and the security forces sweeping power to arbitrarily arrest and detain people

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Fitch Downgrades Sri Lanka's Debt Rating To "Restrictive Default"

The downgrade came when the Central Bank governor P Nandalal Weerasinghe conceded on Thursday that Sri Lanka wouldn't be able to pay back its debts until it restructures them

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Tighter Economic Time Ahead

Inflation is like a headache; there is no point in finding solace that one’s headache is less severe than someone else’s ! With global issues impacting national economies, let us brace for some economic pain ahead

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No Shoot-on-sight Orders Given During Violence: Lankan PM

He said that while properties belonging to some members of Parliaments had been attacked last week, a shoot-on-sight order was not issued

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Lanka Down To Last Day Of Petrol: PM Wickremesinghe

Ranil Wickremesinghe, appointed prime minister on Thursday, said in an address to the nation the country urgently needed USD 75 million in foreign exchange to pay for essential imports

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Lankan PM Hold Talks With World Bank, ADB As India Delivers Diesel Shipment

Sri Lanka is going through the worst economic crisis since independence in 1948. A crippling shortage of foreign reserves has led to long queues for fuel, cooking gas and other essentials while power cuts and soaring food prices heaped misery on the people

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Ancestral Home Of Rajapaksas' Set On Fire In Hambantota

Earlier, several properties of ministers and lawmakers of the ruling coalition were destroyed by the protesters

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Saudi Agrees $8 Bn To Pak As A Help In Financial Crisis

Under this agreement, financial assistance for oil and USD 4.2 billion is included to take forward the existing facilities. An official said that Pakistan had proposed to increase the financial aid for oil from 1.2 billion to 2.4 billion, which Saudi accepted

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India Extends Duration Of USD 400 Mn Currency Swap Facility With Sri Lanka

The embattled government had announced an orderly default until the country came to an agreement with the International Monetary Fund (IMF) for a possible bailout package

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