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Lanka economic crisis: From protests to IMF's $3-billion rescue

The IMF has approved a nearly $3-billion bailout which could help the country unlock up to $7 billion more from other lenders

Sri Lanka
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Representative Image (Photo: ANI)

Reuters
Here are some developments in the nation’s economic crisis:

2022

March 31: Demonstrators march to President Gotabaya Rajapaksa's private residence to protest over worsening economic conditions.

May 9: Prime Minister Mahinda Rajapaksa resigns. Countrywide violence leaves nine dead and about 300 injured

May 18: Lanka falls into default after a 30-day grace period on a $78 million coupon payment expires

July 13: President Gotabaya Rajapaksa flees Sri Lanka

July 15: Parliament accepts Rajapaksa's resignation. Ranil Wickremesinghe, is sworn in as acting president.

Sept 1: Lanka reaches a preliminary agreement with the IMF for a loan of $2.9 billion

Nov 14: Budget lays down several measures, including reducing the

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First Published: Mar 22 2023 | 12:16 AM IST

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