Ranil Wickremesinghe said that his aim was to stabilize Sri Lanka's devastated economy by the end of 2023. (File)State of Emergency in Sri Lanka: Sri Lanka’s acting President Ranil Wickremesinghe told CNN in an interview on Monday that Gotabaya Rajapaksa’s government was “covering up facts” about financial crisis and did not tell the truth about Sri Lanka’s bankruptcy. He added that his aim was to stabilize Sri Lanka’s devastated economy by the end of 2023. “By the end of next year let’s start stabilizing, and certainly by 2024 let’s have a functioning economy which will start growing,” Wickremesinghe told CNN.
India wishes that the ongoing transition in Sri Lanka will not only be “smooth,” it will also help the island nation stage an “early and effective” economic recovery, Indian High Commissioner in Sri Lanka Gopal Baglay told The Indian Express Monday. To that effect, India, which has helped Sri Lanka with almost $4 billion in aid would, “going forward,” like to bring in “more investment” to help the country build capacities to respond to the economic challenges, Baglay said.
Meanwhile, Wickremesinghe has declared a state of emergency in the country, according to a government notice released late Sunday night, Reuters reported, as the current administration works towards handling the social unrest and tackling the economic crisis. “It is expedient, so to do, in the interests of public security, the protection of public order and the maintenance of supplies and services essential to the life of the community,” the notification stated.
India has emerged as the top lender to Sri Lanka, extending USD 376.9 million worth credit compared to USD 67.9 million by China in the first four months of this year to rescue the island nation from the unprecedented political crisis and economic turmoil.
Loans from India with USD 376.9 million were the highest foreign financing disbursements during the period of January 1 to April 30, 2022, according to Sri Lanka's Finance Ministry.
After India, Asian Development Bank (ADB) came in as the second largest lender with USD 359.6 million being disbursed in the first four months, followed by the World Bank with USD 67.3 million. The total foreign financing disbursements made during the period amounted to USD 968.8 million, of which, USD 968.1 million was disbursed as loans while USD 0.7 million was disbursed by way of grants. The majority of the disbursements were from the loan agreements signed with India, which is almost 39 per cent, followed by Asian Development Bank (37 per cent) and China (7 per cent), according to a report from the ministry. (PTI)
IMF chief Kristalina Georgieva has cited the example of the unprecedented economic crisis in Sri Lanka to warn other countries that they could also face a similar situation in the face of high debt levels and limited policy space.
"I wish the global economic outlook was as bright as the sky in Bali, but unfortunately, it is not. The outlook has darkened significantly, and uncertainty is exceptionally high. Downside risks about which the IMF had previously warned have now materialised," International Monetary Fund Managing Director Georgieva said at the meeting of G20 Finance Ministers and Central Bank Governors in Indonesia.
"Countries with high debt levels and limited policy space will face additional strains. Look no further than Sri Lanka as a warning sign," Georgieva said on Saturday. (PTI)
Sri Lanka's acting President Ranil Wickremesinghe told CNN in an interview on Monday that Gotabaya Rajapaksa's government was "covering up facts". He added that his aim was to stabilize Sri Lanka's devastated economy by the end of 2023.
"By the end of next year let's start stabilizing, and certainly by 2024 let's have a functioning economy which will start growing," Wickremesinghe told CNN.
A day after Sri Lanka’s president fled, Mohamed Ishad waited outside an immigration office near the capital, clutching a file of documents that he hopes will get his passport renewed so he can leave, too. With the nation in the throes of its worst economic crisis, Ishad has no job, relies on relatives for financial help and sells vegetables to feed his wife and three children. He wants to go to Japan and find work there so he can send money back home.
Ishad is devastated to leave his family behind, but feels there is no choice — and no opportunity — in his country. “Living in Sri Lanka right now is not good — if you want a good life, you need to leave,” he said. "Not only has the economy collapsed, but “there’s hardly a government functioning right now.”
Bankruptcy has forced the island nation's government to a near standstill. Its once-beloved and now reviled former President Gotabaya Rajapaksa fled to Singapore before resigning last week. The acting president and prime minister, Ranil Wickremesinghe, is seen as his proxy and opposed by angry crowds. Parliament is expected to elect a new leader Wednesday, paving the way for a fresh government, but it is unclear if that's enough to fix a shattered economy and placate a furious nation of 22 million that has grown disillusioned with politicians of all stripes. The political ruckus has deepened worries that solutions to the crisis, including a crucial assistance from the International Monetary Fund, may be delayed. (AP)
Logistical challenges caused by Sri Lanka’s economic and political crisis forced cricket organizers to move the second cricket test against Pakistan from Colombo to Galle.Sri Lanka Cricket announced the decision Monday, on Day 3 of the first test, after deciding not to take any chances with potential political protests in the capital.
The protests are likely to intensify as Parliament is set to choose a new President later this week.Ranil Wickremesinghe, who became acting President last week after Gotabaya Rajapaksa fled abroad and resigned after months-long mass protests over the country’s economic collapse, has declared a state of emergency.The second test was scheduled to start at R. Premadasa Stadium in Colombo next Sunday. Now both teams will remain in the southern coastal town of Galle after the first test to play out the series.
Sri Lanka's acting President Ranil Wickremesinghe has declared a state of emergency, according to a government notice released late on Sunday, as his administration seeks to quell social unrest and tackle an economic crisis gripping the island nation. Sri Lanka's beleaguered leaders have issued imposed a state of emergency several times since April, when public protests took hold against the government's handling of a deepening economic and a persistent shortage of essentials.
"It is expedient, so to do, in the interests of public security, the protection of public order and the maintenance of supplies and services essential to the life of the community," the notification stated. Wickremesinghe had announced a state of emergency last week, after president Gotabaya Rajapaksa fled the country to escape a popular uprising against his government.
Sri Lanka's acting President Ranil Wickremesinghe gazetted orders late on Sunday for a state of emergency in the crisis-ridden island nation, in an effort to head off unrest ahead of a vote in parliament later this week to elect a new president.
Sri Lanka's beleaguered leaders have imposed a state of emergency several times since April, when public protests took hold against the government's handling of a deepening economic crisis and a persistent shortage of essentials. "It is expedient, so to do, in the interests of public security, the protection of public order and the maintenance of supplies and services essential to the life of the community," the notification stated. Wickremesinghe had announced a state of emergency last week, after president Gotabaya Rajapaksa fled the country to escape a popular uprising against his government, but it had not been officially notified or gazetted.
Late on Sunday, Wickremesinghe - who was sworn in on July 15 as acting president - declared a fresh state of emergency, the specific legal provisions of which are yet to be announced by the government. (Reuters)
As Sri Lanka continues to reel under a political and economic crisis, the Indian government has decided to hold an all-party meeting Tuesday to discuss the situation in the neighbouring country.
Parliamentary Affairs Minister Pralhad Joshi Sunday said that Finance Minister Nirmala Sitharaman and External Affairs Minister S Jaishankar will, during the all-party meeting, brief leaders of various political parties on the Sri Lankan crisis.
Meanwhile, at a meeting of various parties convened ahead of the monsoon session of Parliament, Tamil Nadu-based Dravida Munnetra Kazhagam (DMK) and All India Anna Dravida Munnetra Kazhagam (AIADMK) demanded that India intervene in the crisis plaguing Sri Lanka. (Read More)
Sri Lanka's acting president Ranil Wickremesinghe has declared a state of emergency in the country, according to a government notice. (Reuters)
Sri Lanka's interim President Ranil Wickremesinghe on Sunday told the West that the sanctions on Russia for its aggression in Ukraine will not bring Moscow to its knees, but instead badly hurt the rest of the third world in terms of food shortages and spiralling prices.
The remarks of the interim leader of the crisis-hit island nation came days after the World Food Programme said that skyrocketing food and fuel prices, shortage of essentials and loss of income were pushing adequate food out of reach for over six million Sri Lankans.
Speaking at an international panel discussion on Preventing Hunger and Famine, Wickremesinghe urged all sides to agree to a ceasefire on the war in Ukraine and end further sufferings of the people across the globe.
"Our issue in Sri Lanka is partly self-made and partly due to the global crisis," he said. (PTI)
Muted protests were organized by a handful of Singaporeans as ousted Sri Lankan president Gotabaya Rajapaksa arrived here last Thursday, leaving behind a economically-shattered country.
Shortly after he arrived in Singapore on Thursday, the police reminded any would-be demonstrators about the consequences of breaking the law.
"Police ask that the public, Singaporeans, residents, work pass holders and social visitors alike, abide by our local laws.
"Action will be taken against anyone participating in a public assembly that is illegal," The Straits Times reported on Sunday, citing the police.
In a Change.org petition created on Thursday, the day Rajapaksa landed in Singapore, blockchain businessman Raymond Ng wrote that he had filed a police report in Singapore against Rajapaksa for money laundering, compelled by his "loyalty to the Republic of Singapore".
As of Saturday, more than 2,000 people have signed the petition, although it is not known how many of these were unique or from Singapore. (PTI)
Sri Lanka's state-run Ceylon Petroleum Corporation (CPC) on Sunday reduced the diesel and petrol retail prices, the first decrease after five hikes since February as the severe foreign exchange shortage hampered the import of fuel and other essentials in the country reeling under worst economic crisis in decades.
The new prices will be effective from 10.00 pm on Sunday.
The diesel and petrol retail prices have been reduced by Rupees 20 each. Both had been raised by Rs 50 and 60 at the end of May.
The Indian Oil Company's local operation, the Lankan Indian Oil Company (LIOC), also said that they would effect the price reduction.
The state fuel entity is still unable to make supplies available. Since the end of June, their supplies had been limited to essential services while the LIOC served the individual customers. --PTI
The government has called an all-party meeting Tuesday on the Sri Lankan crisis which will be briefed by Union ministers Nirmala Sitharaman and S Jaishankar, Parliamentary Affairs Minister Pralhad Joshi said.
During a meeting of parties convened on Sunday ahead of the Monsoon Session of Parliament, Tamil Nadu-based DMK and AIADMK demanded India intervene in the neighbouring country which is facing a debilitating economic crisis. --PTI
Indian government will be holding an all-party meeting on Sri Lanka situation on Tuesday. The meeting will be chaired by Union ministers Nirmala Sitharaman and S Jaishankar, PTI reported.
Families, future and finances---Srilankan students in India are on hooks getting bothered about the three as their kin back home struggle with the developments in wake of the Island nation facing its worst economic crisis in seven decades.
Amritha Vidyapathy, who hails from Colombo and is a student in Lucknow, says she has been urging his family to move to India with her considering the unfolding situation since months.
"I have been urging them to come with me here but my family has their whole life there which is now in shambles considering the businesses which were already affected by the pandemic are in worse state now. I don't know what future holds for me and my family," she said.
Another student Ama Nethmi, is wondering about how long her family will be able to send her money to help her survive in India. (PTI)
Aiming to provide fuel to the public in an orderly manner amidst its worst energy crisis, the Sri Lankan government has introduced fuel passes that will guarantee a weekly quota to every vehicle owner.
Sri Lanka is facing its worst economic crisis since independence in 1948. The country is unable to pay for its essential imports, fuel, food and medicine due to an acute forex crisis.
The public have been languishing in serpentine queues for fuel, cooking gas and suffering with multiple hours of power outages.
“Today we have introduced the national fuel pass. This will guarantee a weekly quota for each vehicle,” Power and Energy minister Kanchana Wijesekara said after the initiative was launched on Saturday.
National Fuel Pass was developed with the assistance of leading Tech companies in Sri Lanka and the Institute of Communication and Information Technology (ICTA) without any cost to Ceylon Petroleum Corporation (CPC) or the government, the Colombo Page reported.
He said the public are advised to register with the fuel pass website “fuelpass.gov.lk” with their personal identification. (PTI)
Colombo’s Galle Face, the epicentre of protests in economic and political crisis hit Sri Lanka, was also the venue of the Satyagraha by the Tamil people over 60 years ago to seek equal importance, which resulted in them being violently attacked by elements toeing majoritarianism.
The Tamils’ protests, following the ‘Sinhala Only Bill’ by the Bandaranaike regime on June 5, 1956 saw participants at the Galle Face becoming target of violent attack by goons sympathetic to the then ruling establishment and those who subscribed to politics of hegemony and ethnicity, said S C Chandrahasan.
Founder of Organisation for Eelam Refugees Rehabilitation (OfERR), Chandrahasan, is the son of SJV Chelvanayakam (1898-1977), the iconic leader of Tamils of Sri Lanka who fought all his life for the rights of the ethnic minority through Gandhian means. Chelvanayakam is revered as ‘Thanthai Chelva’ (Father Chelva) by Lankan Tamils. (Read More)
Sri Lankan protesters have vowed to continue their struggle for a complete change of the system by abolishing the presidency, as the popular uprising that ousted Gotabaya Rajapaksa as president marked the 100th day on Sunday.
The anti-government protest began on April 9 near the presidential office and has been continuing without a break.
“We will continue our fight till we achieve our goal for a complete change of the system," Father Jeewantha Peiris, a leading activist of the movement, said.
“This is a freedom struggle. We managed to send home an authoritarian President through people's power," Peiris said.
Rajapaksa, 73, who fled to the Maldives on Wednesday and then landed in Singapore on Thursday, formally resigned on Friday, capping off a chaotic 72 hours in the crisis-hit nation that saw protesters storm many iconic buildings, including the President and the Prime Minister's residences here.
Acting president Wickremesinghe appears to be their next target for the protesters and the campaign to oust him has already begun. (PTI)
The Asia Cup is "likely" to be moved out of Sri Lanka in the wake of political unrest in the island nation, SLC secretary Mohan de Silva said on Sunday, adding that the tournament could be played in the UAE.
Sri Lanka, which has been battling an economic crisis, has witnessed widespread protests against the government for weeks.
However, the situation worsened with president Gotabaya Rajapaksa fleeing the country on a military jet.
"The Asia Cup is very likely that it will be held in the UAE," Sri Lanka Cricket secretary de Silva told PTI when asked about a possible change in the venue of the T20 tournament.
The dates for the six-team tournament are expected to remain the same as scheduled earlier from August 26 to September 11. (PTI)
Leader of Opposition in Sri Lanka and MP Sajith Premadasa on Sunday said, "We admire the gracious efforts of Government of India for the tremendous support they have given us, in terms of meeting the basic needs of our people. We continue to seek India's help and support in this regard."