Sri Lanka’s economic crisis was in the making from November 2019

Sri Lanka is famous for its pristine beaches, clean streets, heritage buildings, delicious cuisine and zestful people. However, today it is plunged into chaos — it faces its worst economic crisis since 1948, when the country gained independence, leaving it on the verge of bankruptcy. A severe shortage of foreign currency has left President Gotabaya Rajapaksa’s government unable to pay for essential imports, including fuel, leading to debilitating power cuts lasting up to 13 hours. Critics say the roots of the crisis lie in economic mismanagement by successive governments that…

Read More

SL expatriates protest, threaten to stop sending remittances

Sri Lankan expatriates conducted protests at several major cities worldwide against the Sri Lankan government’s failure to resolve the prevailing economic crisis. Several protests were held in Auckland, New Zealand, and in Perth, Brisbane, Sydney and Melbourne, in Australia, condemning the deployment of the police and security forces to crush public protests in Sri Lanka. In Auckland’s Mount Wellington, people gathered with signs reading “#gotagohome”, demanding the Sri Lankan President quit. Lankan expatriates were shown on TV threatening not to remit dollars to banks in Sri Lanka if the government…

Read More

Sri Lanka Crisis Live Updates: Lankan President Asks Opposition To Join Government

New Delhi:  A new Sri Lankan Cabinet is expected to be sworn in on Monday as part of the government’s bid to tackle the raging public anger against the ongoing economic hardships. Embattled Sri Lankan President Gotabaya Rajapaksa has invited the opposition to join a unity government as protests demanding his resignation spread across the island. The South Asian nation is facing severe shortages of food, fuel and other essentials — along with record inflation and crippling power cuts — in its most painful downturn since independence from Britain in 1948.…

Read More

What is fuelling Sri Lanka’s economic crisis?

Sri Lanka is again in turmoil. The country’s cabinet has resigned en masse, the President has declared a public emergency as protests have engulfed the country as it has run out of fuel and food grains in many places. Lanka lacks needed foreign exchange to import essential items, people are forced to spend hours in queues to get supplies, and there are prolonged power blackouts. The government scrambles to get loans from China, India, the IMF, and the World Bank to survive this unprecedented crisis. This island country of 22…

Read More