The World Bank Wednesday released $250 million to support bankrupt Sri Lanka's tough economic reforms
Sri Lanka has paid $50 million to Bangladesh, the final instalment of a $200 million loan taken under a currency swap agreement two years ago, a top Bangladesh Bank official said yesterday.
The second instalment may come by Aug 30
Sri Lanka is generally known for its quality education, healthcare, natural beauty and even migration policies and practices. But in recent times, the island nation has made the headlines for all the wrong reasons.
Imran Khan, former prime minister and head of Pakistan Tehreek-e-Insaf (PTI), warned on Saturday that the South Asian country is on the verge of a “Sri Lanka moment” in which the populace will take to the streets against the “mafia” headed by Asif Zardari and the Sharif family.
Uncertainties remain even after the election of new president
Sri Lanka’s ousted president Gotabaya Rajapaksa, who fled overseas this week to escape a popular uprising against his government, has said he took "all possible steps" to avert the economic crisis that has engulfed the island nation.
Traditional debt crisis signs of crashing currencies, 1,000 basis point bond spreads and burned FX reserves point to a record number of developing nations now in trouble.
Out of gas and stuck in line for days, a group of motorists kick off their shoes and settle on a sidewalk in Sri Lanka's capital for a round of cards.
Public demonstrations, political protests calling for the government to resign, and long queues at gas stations and grocery stores have been a regular feature in Sri Lanka for the last few weeks.
Sri Lankan President Gotabaya Rajapaksa declared a state of emergency on Friday following a day of anti-government strikes and protests over the country's deep economic crisis that saw police use tear gas on two occasions.
Sri Lanka’s president has agreed to replace his older brother as prime minister in a proposed interim government to solve a political impasse caused by the country’s worst economic crisis in decades, a prominent lawmaker said Friday.
The World Bank has agreed to provide Sri Lanka with $600 million in financial assistance to help meet payment requirements for essential imports, the Sri Lankan president's media division said in a statement on Tuesday.
With financial crisis-ridden Sri Lanka having announced a temporary suspension of its debt payment, India is reportedly willing to step in and provide financial assistance of another two billion dollars to the nation.
When Bangladesh agreed to provide $250 million to Sri Lanka last year, little did it think that it would become a side character in the horror show that is unfolding in the island nation.
Prime Minister Sheikh Hasina in the parliament today ruled out the possibility of a Sri Lanka-like economic crisis in Bangladesh, stating that the country’s economy is “very strong”.
