Page 18 - Economic Crisis

World Bank to disburse $700 mn to Lanka, re-purpose existing loans: Report

Sri Lanka is nearing bankruptcy and has severe shortages of essentials from food, fuel, medicines and cooking gas.

Indian consignment of 1,500 lt of kerosene distributed to Lankan fishermen

A consignment of 15,000 litres of kerosene that was handed over by India to Sri Lanka on Friday as a part of humanitarian assistance was distributed among the fishermen of the Jaffna Islands.The kerosene stock was distributed to 700 fishermen of Delft, Nainativu, Eluvaitivu and Analitivu islands at a function held on Saturday at the Kayts Divisional Secretariat in Jaffna under the patronage of Fisheries Minister Douglas Devananda and Consulate General of India Assistant High Commissioner Rakesh Natraj, the Colombo Page reported."Continuing in assistance to Sri Lanka 15000 litres of kerosene gifted to 700 fishermen of Delft, Nainativu, Eluvaitivu & Analitivu. CG Shri Raakesh Natraj with Fisheries Min Hon. Douglas Devananda initiated distribution; part of the consignment will also power ferry service between islands," the Consulate General of India in Jaffna- Raakesh Natraj Jayabhaskaran tweeted.On Friday, the Acting High Commissioner of India in Sri Lanka Vinod K. Jacob handed ...

Lankan FM briefs US Ambassador on proposed 21st Amendment to Constitution

Sri Lanka's FM GL Pieris has briefed the US Ambassador Julie Chung on the proposed 21st Amendment to the Constitution and also held wide-ranging discussions on bilateral relations and assistance

SriLankan Airline starts refuelling at Thiruvananthapuram airport

With Sri Lanka reeling under its worst economic crisis, its national airline has begun refuelling at India's Thiruvananthapuram international airport

A nation in default: Is the great Sri Lanka fire sale about to begin?

PM Wickremesinghe wasted no time in announcing the government would privatize Sri Lankan Airlines, which prior to the pandemic had flown to 126 destinations in more than 60 countries

Sri Lanka to appoint 5 finance, 10 oversight committees to resolve crisis

PM Wickremesinghe also stressed on the need to change the structure of the parliament to strengthen it

Demand for SL Prez's resignation intensifies as protest enters 50th day

There has been an intense call for President Gotabaya Rajapaksa to also resign however, he has refused to do so

India sends 15,000 litres of kerosene for fisherfolk in Sri Lanka

India sent 15,000 litres of kerosene to Sri Lanka on Saturday to help 700 fisherfolk and power ferry services in the Tamil-dominated Jaffna city, days after it delivered around 40,000 metric tonnes of petrol to the debt-ridden island nation which is grappling with its worst economic crisis. India extended an additional USD 500 million credit line to Sri Lanka last month to help the neighbouring country import fuel as it has been struggling to pay for imports after its foreign exchange reserves plummeted sharply in recent times, causing a devaluation of its currency and spiralling inflation. Continuing Indian assistance to Sri Lanka. 15000 ltrs of kerosene gifted to 700 fishermen of Delft, Nainativu, Eluvaitivu & Analitivu. CG Shri Raakesh Natraj with Fisheries Min Hon. Douglas Devananda initiated distribution; part of the consignment will also power ferry service between islands, the Consulate General of India in Jaffna said in a tweet. India on Friday handed over 25 tonnes of ...

Primary goal of educational reforms to create good citizens: Sri Lanka prez

Sri Lanka President Gotabaya Rajapaksa said the primary goal of educational reforms should be to create good citizens, who would be able to contribute to the economy of the island country

Protest seeking resignation of Lankan President Gotabaya enters 50th day

As the ongoing anti-government protest entered its 50th day, organisers on Saturday said the day would be marked with more intense agitation marches with wider participation

Lankan insurance firm set to lose LKR 1 billion due to May 9 violence

Sri Lanka's state-owned insurance firm may incur losses in excess of LKR 1 billion due to the violent clashes between anti- and pro-government protesters on May 9, Fitch said

Sri Lanka looks to rely more on India's help until IMF funding agreed

Sri Lanka has been plagued by shortages of necessities, power cuts, and rampant inflation, which has triggered calls for the ouster of President Gotabaya Rajapaksa

Appreciate India's support amid continuing economic crisis: Sri Lankan PM

Sri Lankan PM Ranil Wickremesinghe praised India for extending support amid the continuing economic crisis and expressed a desire to further strengthen ties between the two nations

Cash-strapped Sri Lanka takes Russia oil as fuel crisis persists

The sole refinery is set to receive crude today, enabling its restart after 2 months

Sri Lankan envoy meets FM Sitharaman, raises need for bridge financing

Moragoda reiterated that Sri Lanka would require "bridging finance" until the economic adjustment programme with the IMF could be negotiated and finalised, according to Sri Lankan High Commission

Consignment of 25 tonnes of medical supplies from India reaches Sri Lanka

Last week, India had sent urgent relief supplies comprising 9,000 metric tonnes (MT) of rice, 200 MT milk powder and 24 MT life-saving medicines with a combined value of Rs 45 crore to Sri Lanka.

Need ample assurances on Sri Lanka's debt sustainability restoration: IMF

As Sri Lanka's public debt is assessed as "unsustainable," the IMF said it requires sufficient assurance from the nation that it will restore debt sustainability during the debt restructuring process

Rising risk of Sri Lankan banks defaulting on their obligations: S&P

This trend is expected to persist until the Sri Lanka's external situation stabilises, which may take time, S&P said in a statement

Sri Lanka PM Wickremesinghe stresses urgency for economic reform plan

Sri Lanka's PM Ranil Wickremesinghe said that he will quickly prepare an economic reform programme and seek approval from the International Monetary Fund

Fuel distribution in Sri Lanka gets more difficult amid public unrest

Fuel distribution in crisis-hit Sri Lanka has become more challenging due to public anger and a record hike in fuel prices with people many a times spending more than a day to get fuel