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

Sri Lanka’s prime minister takes on crucial finance ministry portfolio

‘Prime Minister Ranil Wickremesinghe was sworn in as finance, economic stability and national policies minister before President Gotabaya Rajapaksa this morning statement,’ a president’s office says COLOMBO, Sri Lanka – Sri Lanka’s Prime Minister Ranil Wickremesinghe will hold dual charge as finance minister, the president’s office announced on Wednesday, May 25, and will lead talks … 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

Sri Lanka’s president will not resign, despite protests – minister

COLOMBO, Sri Lanka – Sri Lanka’s President Gotabaya Rajapaksa will not resign, a minister said on Wednesday, April 6, despite demonstrations against his handling of the country’s worst economic crisis in the decades and as doctors held protests street over a shortage of medicine. Rajapaksa, governing the country since 2019 with other family members in … Read more