Page 9 - Economic Crisis

Prez Wickremesinghe invites Sri Lankan parties to form national government

Sri Lankan President Ranil Wickremesinghe has written to MPs, inviting them to form an all-party national government to help the bankrupt country to recover from the worst economic crisis

World Bank has no new financing plans for crisis-hit Sri Lanka: Report

The government hopes to secure an Extended Fund Facility.

Sri Lanka inflation rises to 60.8% in July as dollar crunch persists

Transport costs surge 143.6%, while food prices have increased 90.9%

Sri Lanka resumes bailout discussions with IMF, finance ministry says

Sri Lanka has resumed technical discussions with the International Monetary Fund on a potential bailout after a new government took office, the finance ministry said on Friday.

SL foreign trade up despite economic crisis; exports to India grow 21%

Sri Lanka's exports grew 21 per cent during the first six months of the year and earned USD 5 billion for the crisis-hit country, according to official figures released on Friday. Sri Lanka's exports to India too witnessed an over 21 per cent increase assisted by increased exports of animal feed (19.26 per cent), Arecanuts (95.96 per cent) and textile (47.76 per cent) during January to June, the Export Development Board said. India is placed third behind the US and UK as the biggest export market for Sri Lanka. Exports to the United States, Sri Lanka's single largest export destination, increased by 46.16 per cent to USD 323.65 million compared to the month of June 2021. The better performance was led by an increase in exports of apparel & textile (29.68 per cent) and coconut-based products (26.8 per cent), according to a press release. The exports to US recorded USD 1,687.73 million worth of exports in the period of January to June 2022 a significant year-on-year increase of ...

Pakistan's current account deficit rises to 4-year high of $17.4 bn in FY22

The State Bank of Pakistan (SBP) on Wednesday reported that the country recorded a CAD of USD 17.406 billion in FY22 compared to a gap of just USD 2.82 billion in FY21.

SL Prez says his govt will focus on fixing economy, ending fuel shortage

Sri Lankan President Ranil Wickremesinghe has said his government's main priorities are to fix the country's ailing economy and end the fuel shortage that has exacerbated after the last shipment

Pakistan: Weak economy, political uncertainty hit China-led Port Project

China, the sole investor in the Gwadar projects is hesitating to invest amid uncertainties as the ongoing economic crisis and political instability in Pakistan are hitting investment sentiments

Sri Lanka Crisis: Are Indian states on the same path to economic distress?

The RBI, in a report in June 2022, said that several Indian states are posting worrisome numbers, mainly due to populist measures

PM Narendra Modi congratulates Lanka Prez; assures support in recovery

Wickremesinghe, 73, was on Thursday sworn in as Sri Lanka's eighth president after he was elected by lawmakers

Former president Gotabaya Rajapaksa to return: Sri Lankan Minister

"I don't agree that the former President is in hiding in Singapore because he had followed the official procedure and gone to Singapore obtaining an legitimate visa," the Minister said

Here's what to expect in crisis hit-Sri Lanka with a new president in power

Ranil Wickremesinghe told reporters last week that he was no ally of Rajapaksa and his family, who led the nation for most of this decade

Sri Lanka says rollout of national fuel pass QR code system delayed

Sri Lanka's Information and Communication Technology Agency (ICTA) announced that the rollout of the national fuel pass QR code system will be delayed

Lanka protest site untouched, Wickremesinghe tells diplomatic community

Sri Lanka's newly-elected President Ranil Wickremesinghe has reaffirmed his commitment to uphold the rights of peaceful and non-violent assembly

TN sends over 40,000 tonnes of relief material to crisis-hit Sri Lanka

DMK MP Kanimozhi flagged off the third consignment of 16,595 tonnes of the items through the sea route from the VOC Port in Tuticorin in the presence of state ministers on Saturday.

Sri Lanka Cabinet discusses ways to normalise situation within one week

Sri Lanka's Cabinet has met for the first time under newly-elected President Ranil Wickremesinghe and discussed ways to normalise the situation in the economic-crisis hit country within a week

Dinesh Gunawardena takes oath as new Prime Minister of Sri Lanka

Sri Lanka's economic crisis, the worst since it gained independence in 1948, has spiraled into a political crisis as well

SL forces raid anti-govt protest camp at President's Secretariat; 9 held

Sri Lankan security forces raided the main anti-government protest camp at the President's Secretariat here early on Friday, arresting nine people and injuring several others

Veteran politician Dinesh Gunawardena appointed Sri Lanka's new PM

Senior politician Dinesh Gunawardena on Friday took over as Sri Lanka's prime minister as President Ranil Wickremesinghe swore in his new Cabinet

UN official in Sri Lanka calls for inclusive consultations to solve crisis

The top UN official in Sri Lanka has called on all stakeholders in the country to engage in broad and inclusive consultations to resolve the current economic crisis and the grievances of the people