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Latest Articles in economic crisis

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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More Sri Lankans Fleeing Economic Crisis Land In India

The island nation is witnessing large-scale protests against the government's handling of the debt-ridden economy - the worst-ever economic crisis in the country's history

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Crisis-hit Sri Lanka, India Revive Talks To Link Electric Grids

India has extended assistance running into billions of dollars to its southern neighbour to fight the crisis, brought on by a steep drop in foreign exchange reserves that stalled imports of essentials such as fuel, so disrupting power supply

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Sri Lanka's State-run Oil Company Raises Fuel Price Amidst Economic Crisis

The state-run Ceylon Petroleum Corporation's (CPC) new price of 92 octane petrol Rs 338 per litre is an increase of Rs 84 and now matches the per litre price of Lankan Indian oil company (LIOC)

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Lanka Seeks India's Help For Cooking Gas Supply Amid Economic Crisis

Massive anti-government protests are being held throughout the country with a major demonstration happening outside the Rajapaksa secretariat in central Colombo

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Sri Lanka Starts Fuel Rationing Amidst Severe Economic Crisis

Long queues at fuel stations have resulted in massive public anger. Further, households are experiencing nearly 12-hour-long powercuts and there is a massive shortage of essentials, due to falling value of the Sri Lankan rupee

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What Is Happening In Sri Lanka And How Did The Economic Crisis Start?

The country relies on the import of many essential items including petrol, food items and medicines. Most countries will keep foreign currencies on hand in order to trade for these items, but a shortage of foreign exchange in Sri Lanka is being blamed for the sky-high prices

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