Page 23 - Economic Crisis

Sri Lankan tea pickers' dreams shattered as nation faces economic crisis

The Covid-19 pandemic severed the tourism lifeline of the Indian Ocean nation, already short of revenue in the wake of steep tax cuts by the government.

Sri Lanka economic crisis: Usable forex reserves now down at under $50 mn

Sri Lankan Finance Minister said discussions with several countries to obtain bridging finance are underway

'We have bitten off more than what we can chew': Sri Lanka Minister Sabry

"We have bitten off more than what we can chew," debt-ridden Sri Lanka's Finance Minister Ali Sabry acknowledged before Parliament on Wednesday

Lankan parliament to meet for session amid opposition's no-trust motions

Opposition party SJB handed over to the parliamentary Speaker motions of no-confidence against President Gotabaya Rajapaksa and the government for mishandling the country's worst economic crisis

SL crisis: DMK to contribute Rs 1cr; Stalin appeals to people for help

Stalin said that the Tamil Nadu government would be sending 40,000 tonnes of rice, milk powder of around 500 tonnes, and life-saving drugs to the island nation

Sri Lanka's Opposition hands no-trust motions against President, govt

The Parliament meets today for the first of eight sittings this month

China to provide 300 mn yuan loan to Sri Lanka amid economic crisis

China has decided to provide a loan of 300 million yuan to Sri Lanka amidst the unprecedented economic crisis in the island nation.The total amount of emergency grants provided by China has increased to 500 million Chinese Yuan, which is USD 76 million.The Chinese Embassy in Sri Lanka, in a tweet, said that to "support Sri Lankan people at this trying times, China has decided to provide another 300 million RMB of aid to Sri Lanka for the urgently needed drugs, food and fuels etc., which increases the total emergency grant from China to 500 million RMB (approximately 76 million USD)."Currently, Sri Lanka is grappling with food and electricity shortages, affecting many people. Such an economic crisis has forced Sri Lanka to seek help from its neighboring countries to provide them with basic amenities.While Sri Lanka faces its worst economic crisis since independence, many believe that China's "debt-trap diplomacy" is behind the crisis.China has always kept its interests at the forefront

Lanka govt appoints constitutional reform panel; Oppn plans no-trust vote

Sri Lanka's Opposition have decided to move no-trust motions in Parliament, even as the government announced the appointment of a Cabinet sub-committee to look into the proposal for a new Constitution

Lanka govt to provide cash to low income families hit by economic crisis

The Sri Lankan government announced that it will provide cash allowances ranging between Rs 3,000 and Rs 7,500 to low income families "severely affected" by the current economic crisis in the country.

Humanitarian gesture to Lanka will improve cordiality: Stalin thanks Centre

Tamil Nadu CM M K Stalin thanked the BJP-led government at the Centre for permitting humanitarian aid to the crisis-hit Sri Lanka and said the move would improve cordiality between the two countries.

Sri Lanka: Former President Maithripala Srisena calls for fresh elections

The former president added that he could not stay at home when the people were in a state of distress with thousands of problems in the country

Sri Lanka inflation rises to 29.8% in April from 18.7% last month

Months of lengthy blackouts and acute shortages of food, fuel and pharmaceuticals have triggered widespread protests calling for the government's resignation

Cash-strapped Pakistan gets $8 bn in financial support from Saudi Arabia

Saudi Arabia has agreed to provide Pakistan with a "sizeable package" of around $8 billion to help the cash-starved country bolster dwindling forex reserves and revive its ailing economy

Sri Lankan leaders promise to address challenges amid economic crisis

The Sri Lankan government is taking various approaches to address current challenges faced by the country, the nation's President and the PM said in their messages on the International Labour Day.

Sri Lanka to ease regulations over control of foreign earnings conversion

In recent months, the central bank imposed a number of regulations forcing exporters to convert their US dollars within a set period of time to bolster Sri Lanka's foreign reserves

Sri Lanka's powerful Buddhist clergy threatens to issue anti-govt decree

The Buddhist clergy has decided to come out to press for the resignation of Prime Minister Mahinda Rajapaksa to make way for an interim government

Inflation in Sri Lanka rises 29.8% in April amid crisis: Central bank

This increase was driven by the monthly increases in both food and non-food categories, according to the central bank on Friday

President Rajapaksa agrees to remove brother as Sri Lankan PM: Lawmaker

Sri Lanka's president has agreed to replace his older brother as prime minister in a proposed interim government to solve a political impasse, a prominent lawmaker said Friday.

Sri Lankan central bank says all creditors will be treated equally

Sri Lanka has already missed coupon repayments on some of its bonds and its bailout discussions with the IMF include a possible bridge loan, Governor Nandalal Weerasinghe said

TN urges Centre to allow humanitarian aid from state to Sri Lanka

The resolution, piloted by Stalin, was unanimously passed by the House, including the opposition AIADMK and the BJP