Sri Lanka is running out of time to secure an IMF bailout

An IMF program would not only give Sri Lanka’s embattled government access to much-needed funds; it would also provide a pathway for the country to eventually access international financial markets COLOMBO, Sri Lanka – Sri Lanka is seeking help from the International Monetary Fund (IMF) for its 17th program in seven decades, needing a bailout … Read more

Thousands queue for petrol, gas in Sri Lanka amid warnings of food shortages

COLOMBO, Sri Lanka – Thousands of people queued for cooking gas and petrol in Sri Lanka’s commercial capital on Friday and Prime Minister Ranil Wickremesinghe warned of a food shortage as the island nation battles a devastating economic crisis. Lines formed in many parts of Colombo, a city of around 900,000 people, as residents tried … Read more

Sri Lanka protesters call for new government a day after clashes kill 8

COLOMBO, Sri Lanka – Protesters and a key trade group in Sri Lanka called for a new government to take control of the crisis-hit country on Tuesday, May 10, while the president asked for calm following that claimed eight lives and prompted his brother to quit as prime minister. Sri Lanka has been suffering its … Read more

Sri Lanka prime minister resigns, curfew imposed after clashes

Protesters across the island nation demand that President Gotabaya Rajapaksa and his elder brother, Prime Minister Mahinda Rajapaksa, quit for mishandling the economy COLOMBO, Sri Lanka – Sri Lanka’s prime minister resigned on Monday, May 9, hours after word with pro- and anti-government demonstrators in the commercial capital Colombo amid the country’s worst economic crisis … Read more

Crisis-hit Sri Lanka, India revive talks to link electric grids

Sri Lanka and India are turning into a project that has made little progress since it was first proposed more than a decade ago COLOMBO, Sri Lanka – India and Sri Lanka have resumed talks on linking their electricity grids, officials told Reuters on Tuesday, April 19, a step that could aid island New Delhi’s … Read more

Sri Lanka says IMF to consider request for rapid aid

Sri Lanka asks the International Monetary Fund for a loan under the Rapid Financing Instrument window, meant for countries needing urgent balance-of-payment support COLOMBO, Sri Lanka – The International Monetary Fund (IMF) will consider providing quick financial assistance to debt-burdened Sri Lanka following representations by India, Sri Lanka’s finance ministry said on Tuesday, April 19. … Read more

Sri Lanka doubles interest rates to tame inflation, stabilize economy

Heavily indebted Sri Lanka has little money left to pay for imports, meaning fuel, power, food, and medicines are in short supply COLOMBO, Sri Lanka – Sri Lanka’s central bank doubled its key interest rates on Friday, April 8, raising each by an first 700 basis points to tame inflation that has soared due to … Read more

Crisis-hit Sri Lanka in talks with India for another $1.5-billion credit line

This new credit line is on top of the $1-billion support extended by India to help Sri Lanka pay for critical imports COLOMBO, Sri Lanka – Sri Lanka has sought an additional credit line of $1.5 billion from India to import essentials, the island nation’s central bank governor said on Monday, March 28, amid its … Read more