Present situation A severe shortage of foreign currency Shortage of essential goods, including fuel, food etc. Steep devaluation of currency Inflation is very high How did Sri Lanka get here? Critics say the roots of the crisis, the worst in several decades, lie in economic mismanagement by suc...
Sri Lanka at present oscillates between an energy crisis and an economic crisis now entwined as a result of costly private power purchase agreements based on thermal power aggravated by rising fuel prices. The country indeed can claim to be the only country in the region to provide uninterrupted...
Also on Thursday night, Secretary to the Ministry of Finance Mahinda Siriwardana gave a presentation to the parliamentarians on the short and medium-term strategies of the government to overcome the current economic crisis. Sri Lanka is facing the most serious economic crisis since its independence....
COLOMBO, Sri Lanka (AP) — 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. Dis...
When asked about Sri Lanka’s current economic situation, envoy Moragoda pointed out that the reasons are multifaceted including Covid pandemic, the Ukraine war and a situation where Colombo was not able to pay its debt. “We had over-borrowed, and we had not worked out enough ways to pay...
The IMF said in a statement Thursday said that a team remotely concluded initial discussions about Sri Lanka’s reform plan on Tuesday. “The team made good progress in assessing the economic situation and in identifying policy priorities to be taken going forward,” the statement said. ...
each other all the time. The ancient Maritime Silk Road and its location in the Indian Ocean made Sri Lanka a crucial junction between major Asian civilizations. At present, the steady implementation of the Belt and Road Initiative has brought about closer exchanges between China ...
In May, Sri Lanka was hit by the worst floods in 27 years which experts believe was a result of climate change. They caused economic losses of over US$2 billion. A disaster insurance scheme undertaken by the Sri Lankan Government and facilitated by the country’s sole reinsurer National Ins...
expert advice to find a solution to come out of the present critical economic situation that the country is faced with. If not, it’s a matter of time that a few critical sectors will be affected badly and maybe too late. Sri Lanka’s vision and plan should continue with policy ...
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