Sri lankan political situation

India on Thursday assured Sri Lanka of its “fullest support” to help the island tide over its unprecedented economic crisis while “considering further financial assistance”, the Sri Lankan President’s office said. A delegation from New Delhi led by Foreign Secretary Vinay Kwatra, and including Secretary, Department of Economic Affairs Ajay Seth, Chief Economic Advisor V. Anantha Nageswaran and Joint Secretary to the Indian Ocean Region Division at the Ministry of External Affairs Kartik Pande, visited Colombo on Thursday. During the visit, spanning barely half a day, the Indian officials met President Gotabaya Rajapaksa and Prime Minister Ranil Wickremesinghe, and held discussions on New Delhi’s ongoing assistance, of over $ 3.5 billion since January 2022, to the island nation. Indian assistance so far has been extended by way of currency swaps, loan deferments and credit lines for essential imports. IMF talks Colombo has sought a further $ 500 million from New Delhi, to import … [Read more...] about ‘India will extend fullest support to Sri Lanka’, says Foreign Secretary Vinay Kwatra during meeting with President Rajapaksa

Finance Minister Nirmala Sitharaman has assured Sri Lanka of her ”fullest support” and cooperation for its recovery from the ongoing economic crisis. Sitharaman conveyed the assurance to Sri Lankan High Commissioner Milinda Moragoda when the envoy met her on Monday. The Finance Minister of India assured the high commissioner of her ”fullest support and cooperation to the process of economic recovery in Sri Lanka, the Sri Lankan high commission said in a statement. It was the latest in a series of meetings Moragoda held with Sitharaman on India’s economic cooperation and assistance to Sri Lanka in view of the economic crisis. He had last met her on May 27. ”High Commissioner Moragoda once again thanked Minister Sitharaman for the continuation of assistance that India is extending to Sri Lanka, and particularly for expeditiously arranging a separate line of credit of USD 55 million granted on June 10 to import 65,000 MT of urea required for the present cultivation season in Sri … [Read more...] about FM Sitharaman Assures ‘Fullest Support’ for Sri Lanka’s Economic Recovery

This is a carousel. Use Next and Previous buttons to navigate 5 COLOMBO, Sri Lanka (AP) — Sri Lanka’s prime minister says the island nation’s debt-laden economy has “collapsed” as it runs out of money to pay for food and fuel. Short of cash to pay for imports of such necessities and already defaulting on its debt, it is seeking help from neighboring India and China and from the International Monetary Fund. Prime Minister Ranil Wickremesinghe, who took office in May, was emphasizing the monumental task he faces in turning around an economy he said is heading for “rock bottom.” Sri Lankans are skipping meals as they endure shortages, lining up for hours to try to buy scarce fuel. It's a harsh reality for a country whose economy had been growing quickly, with a growing and comfortable middle class, until the latest crisis deepened. ___ HOW SERIOUS IS THIS CRISIS? Tropical Sri Lanka normally is not lacking for food but people … [Read more...] about EXPLAINER: Why Sri Lanka’s economy collapsed and what’s next

India on Saturday announced a $15 million grant for the promotion of Buddhist ties with its neighbor Sri Lanka. Indian Prime Minister Narendra Modi made the offer during a virtual summit with his Sri Lankan counterpart, Mahinda Rajapaksa. Buddhism is practiced by more than 70% of Sri Lanka's population. Indias External affairs Ministry said the promotion will be through construction and renovation of Buddhist monasteries, capacity development, cultural exchanges, archaeological cooperation and reciprocal exposition of Gautam Buddhas relics. India recently upgraded its airport in Kushinagar, an important Buddhist pilgrimage site in the northern Indian state of Uttar Pradesh, to receive international flights. India plans to fly a Buddhist delegation from Sri Lanka on the inaugural flight soon. His followers believe that Buddha attained a transcendent state after his death in Kushinagar. … [Read more...] about India to Spend $15 Million to Boost Buddhist Ties in Sri Lanka

A stark image of a herd of elephants feeding at a garbage dump in Sri Lanka has won the Royal Society of Biology (RSB) photo competition this year. The image was captured by Jaffna-based documentary filmmaker and photographer Tharmapalan Tilaxan at a garbage dump near a wildlife sanctuary in Ampara. Titled ‘The story Of Pallakaddu Elephants’, the photograph conveys a disturbing message about the changing face of Earth. It also beat several other photographers that had been selected for the final round of the reputed RSB competition, whose theme this year was “Our Changing World”. Following his victory, Tilaxan took to Facebook to share the news as well as the spectacular image. “I am so honored to be here in this wonderful platform of photographers and grateful to be the recipient of this award,” he wrote. The award was announced at a ceremony in London recently and Tilaxan also won a £1,000 cash prize for the image. The garbage dump facility located at Oluvil, where the … [Read more...] about Disturbing Photo of Elephants Feeding at Garbage Dump in Sri Lanka Wins Prestigious Photo Award

Sri Lanka’s Prime Minister says its debt-laden economy has “collapsed” after months of shortages of food, fuel and electricity , and the South Asian island nation cannot even purchase imported oil. Also read: Explaining Sri Lanka’s economic crisis “We are now facing a far more serious situation beyond the mere shortages of fuel, gas, electricity and food. Our economy has completely collapsed. That is the most serious issue before us today,” Prime Minister Ranil Wickremesinghe told the Parliament . Mr. Wickremesinghe is also the Finance Minister tasked with stabilising the economy, which is foundering under the weight of heavy debts, lost tourism revenue and other impacts from the pandemic and surging costs for commodities. Members of Samagi Vanitha Balawegaya, a part of the main Opposition party Samagi Jana Balawegaya, try to move a barrier during a protest near Sri Lanka’s Prime Minister Ranil Wickremesinghe’s private residence, amid the country’s economic crisis, … [Read more...] about Sri Lanka PM Ranil Wickremesinghe says economy has collapsed, unable to buy oil

The second ship, carrying over 15,000 tonnes of relief materials donated by the Tamil Nadu government, sailed from the VOC Port here to Colombo Harbour on Wednesday. Minister for the Welfare of Minorities and Non-Resident Tamils Gingee K.S. Masthan; Food Minister R. Sakkarapani; Minister for Fisheries and Animal Husbandry Anita R. Radhakrishnan; and Minister for Social Welfare P. Geetha Jeevan flagged off the merchant vessel VTC Sun that carried relief materials worth ₹67.70 crore. After Chief Minister M.K. Stalin announced that Tamil Nadu would donate 40,000 tonnes of rice, 500 tonnes of milk powder and medicines worth ₹28 crore to the Sri Lankans in view of the economic crisis in the neighbouring country, the first ship with 9,045 tonnes of rice, 50 tonnes of ‘Aavin’ milk powder and 8 tonnes of medicines left Chennai for Colombo on May 18. The second ship carried 14,712 tonnes rice, 250 tonnes of ‘Aavin’ milk powder and 38 tonnes of medicines. “We have stocked up on more … [Read more...] about Second batch of relief materials worth ₹67 crore sent to Sri Lanka

Eyeing a series-clinching victory, the Indian women's cricket team would expect a better showing from its top-order when it takes on Sri Lanka in the second T20 International, on Saturday. The Indians made a positive start to the limited-overs tour of the Island nation with a 34-run win in the series-opener on Thursday. The team would not only aim to secure the three-match series but also address the grey areas and continue the winning momentum ahead of the Birmingham Commonwealth Games, where women's cricket will make its debut in the T20 format. The Birmingham Games will be held from July 28 to August 8. In the series opener, the Indians managed a modest 138 for six after opting to bat before the bowlers, led by left-arm spinner Radha Yadav, chocked the Lankan batters. But India's batting show left a lot to be desired in the first game. The likes of Shafali Verma, who made a run-a-ball 31, skipper Harmanpreet Kaur (22) and Richa Ghosh (11) all got starts but could not convert … [Read more...] about India eye improved top-order show in 2nd T20I against Sri Lanka

India has been at the forefront of partnering with Sri Lanka in helping it come out of the economic crisis as soon as possible, Foreign Secretary Vinay Mohan Kwatra said on Friday. The island nation is facing the worst economic crisis in decades that has led to an acute shortage of essential items like food, medicine, and fuel across the country. "I think India has been at the forefront of partnering with Sri Lanka to ensure that the country essentially gets back to its feet as early as possible," the foreign secretary said at a media briefing. His comments came a day after he visited Sri Lanka and assured it that New Delhi stands ready to help the island nation's quick economic recovery through promoting investments, connectivity, and strengthening economic linkage. Kwatra said India has also conveyed to a number of its partner countries that the economic situation in Sri Lanka is a matter that needs to be addressed seriously. The foreign secretary said India assisted Sri Lanka … [Read more...] about India at Forefront of Helping Sri Lanka, Says Foreign Secretary Kwatra

The Pakistani rupee (PKR) has been falling continuously; from 150 in April 2021 to 213 against the dollar on 21 June, an all-time low. Pakistan’s foreign exchange reserves have been depleting during the last one year. According to State Bank of Pakistan data, from $17.2 billion in June 2021, the net reserves with the SBP have come down to $8.9 billion in June 2022. The new government has already increased the fuel price — in late May and early June. Besides, the new budget has proposed resuming the petroleum development levy. This would mean increased oil and electricity prices, which has the potential to bring people to the streets. Earlier this month, citing “heightened external vulnerability risk” and the “ability to secure additional external financing,” the rating agency Moody’s downgraded Pakistan’s outlook to negative. The government-International Monetary Fund (IMF) talks have remained complicated. Will the IMF bail out Pakistan? The immediate future of Pakistan’s … [Read more...] about Pakistan’s economic muddling and the IMF challenge