Sri Lanka’s government declared a state of emergency on Friday following a violent protest outside the president’s private residence, as public outrage mounts over his government’s handling of the country’s economic crisis. The president’s Media Division said that “a group of organized extremists” carrying “iron bars, knives, and sticks” marched toward Sri Lankan President Gotabaya…
Sri Lanka Declares Emergency After Violent Protest at President’s Residence
Sri Lanka ‘Indefinitely’ Postpones School Exams as Country Out of Cash to Import Paper
Millions of schools in the Western province of Sri Lanka have been forced to postpone exams “indefinitely” as the country faces an acute shortage of paper, owing to the government’s lack of finances to import paper, a government official said on Friday. Priyantha Srilal Nonis, the Western province’s director of education, said that printers are…
Sri Lanka Secures $1 Billion Credit Line From India in Bid to Stem Economic Crisis
India has extended a $1 billion credit line to debt-ridden Sri Lanka, offering support to the island nation as it attempts to ease its worst economic crisis in years. India signed an agreement to offer Sri Lanka a $1 billion short-term concessional loan facility during Finance Minister Basil Rajapaksa’s visit to New Delhi on Thursday,…
Sri Lanka Lacks Foreign Exchange to Pay Fuel Imports, Says Energy Minister
Sri Lanka lacks foreign exchange to cover the cost of fuel imports, energy minister Udaya Gammanpila said Monday, adding that the country seeks to arrange payment for a shipment of 40,000 tons of diesel. Gammanpila said that his ministry has discussed with the Finance Ministry and the Central Bank of Sri Lanka (CBSL) to provide…
Sri Lanka Economists Oppose Government’s Allocation of $500 Million for Maturing Bond Repayment
January 17, 2022
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Asia & PacificBusiness & EconomyChinaeconomic policieseconomyinflationInternational RelationsSri LankaWorld
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Sri Lanka’s government has set aside $500 million for maturing bond repayment, Central Bank Governor Ajith Nivard Cabraal said on Jan. 5, a move that some economists believe is a mistake given the country’s foreign currency shortage to pay for imports. Cabraal announced on Twitter that $500 million has been allocated for an international sovereign…
Sri Lanka Asks China to Restructure Debt Repayments Amid Economic Fallout
January 10, 2022
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Asia & PacificBelt and Road Initiative (BRI)ChinaFinance & Business TiesGlobal ExpansionSpecial TopicsSri LankaWorld
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The president of debt-ridden Sri Lanka has asked China to help restructure billions of dollars in debt repayments as part of a solution to counter the economic fallout from the coronavirus pandemic, the presidential secretariat said on Sunday. During his meeting with visiting Chinese Foreign Minister Wang Yi, President Gotabaya Rajapaksa said that “it would…
Cuba Signs ‘Belt and Road’ Agreement With China
December 27, 2021
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AmericasBelt and Road Initiative (BRI)ChinaChinese RegimeCubadebt trap diplomacyGlobal ExpansionNational SecuritySpecial TopicsSri LankaUSUS NewsWorld
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Cuba and China have signed a cooperation plan to push forward construction projects under Beijing’s controversial overseas infrastructure program, the Belt and Road Initiative (BRI), which has saddled many participating countries with heavy debt loads. The Chinese Embassy in Cuba announced the agreement on its website on Dec. 26, saying that the deal was inked…
Sri Lanka Selects Chinese Firm to Develop New Container Port
November 25, 2021
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Asia & PacificBeijingBRIChinacolombo portGlobal ExpansionInternational RelationsOBORportSpecial TopicsSri LankaWorld
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Sri Lanka has selected a Chinese firm to construct the second phase of the Colombo Port’s East Container Terminal (ECT), a move which is likely to alarm other Asian powers given Beijing’s maritime silk road ambitions. In a Cabinet decision on Tuesday, Beijing-headquarted China Harbour Engineering Company (CHEC) was approved by Colombo to develop the…
Ferry Capsizes in Sri Lanka; at Least 6 Dead
COLOMBO—A ferry capsized in eastern Sri Lanka on Tuesday, killing at least six people, a navy spokesperson said. Twelve people have been rescued and the search for others is continuing, navy spokesperson Capt. Indika de Silva said. It wasn’t immediately clear how many people were on board the ferry or what caused it to overturn….
Heavy Rains in Sri Lanka, South India Kill at Least 25
COLOMBO/CHENNAI—Heavy rains on Sri Lanka’s coast and in the south Indian state of Tamil Nadu have killed at least 25 people, destroyed thousands of homes and snarled traffic, authorities said. In Sri Lanka, 20 people have died in recent days, most from drowning, while five were hurt in landslides, officials said on Wednesday. “Given the…
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