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.
The security has been beefed up in and around Sri Lanka's Parliament complex on Tuesday after the Speaker lodged a complaint with the Inspector General of Police calling for a detailed investigation to be conducted into certain inflammatory posts published on social media threatening Members of Parliament.
The complaint by Speaker Mahinda Yapa Abeywardena came hours before Parliament was poised to accept the nominations for the post of president, which fell vacant last week after Gotabaya Rajapaksa fled the country and later resigned.
The Parliament is expected to elect the new president on July 20.
On Monday, Sri Lankan Members of Parliament from the ruling party Sri Lanka Podujana Peramuna (SLPP) had complained of receiving threat messages on social media, warning them against voting for Sri Lanka's Acting President Ranil Wickremesinghe. (PTI)
Sri Lankan students and other groups planned to protest on Tuesday against Ranil Wickremesinghe's expected bid for president, as lawmakers gathered in parliament to finalise candidates for the role.
Six-time prime minister Wickremesinghe took over as acting president after a popular uprising amid a devastating economic crisis forced previous incumbent Gotabaya Rajapaksa to flee to Singapore and resign. Demonstrators, angered by rocketing prices and shortages of food and fuel, want Wickremesinghe gone too. (PTI)
Sri Lanka opposition leader Sajith Premadasa withdrew on Tuesday from the race to become president of the island nation, in order to support a rival candidate.
"For the greater good of my country that I love and the people I cherish, I hereby withdraw my candidacy for the position of president," Premadasa said on Twitter.
His party and "our alliance and our opposition partners will work hard towards making" Dullas Alahapperuma the winner, he added. (PTI)
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. (Read More)
Sri Lanka's acting President Ranil Wickremesinghe said on Monday that the country had almost concluded negotiations with the International Monetary Fund (IMF), a day after he declared a state of emergency in the island nation.
"The acting president further explained that negotiations with the International Monetary Fund (IMF) were nearing conclusion, and discussions for assistance with foreign countries were also progressing," Wickremesinghe's office said in a statement.
The statement came after Wickremesinghe gazetted orders late on Sunday for a state of emergency in the crisis-hit country, 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. Sri Lanka's acting President Ranil Wickremesinghe said on Monday that the country had almost concluded negotiations with the International Monetary Fund (IMF), a day after he declared a state of emergency in the island nation.
"The acting president further explained that negotiations with the International Monetary Fund (IMF) were nearing conclusion, and discussions for assistance with foreign countries were also progressing," Wickremesinghe's office said in a statement.
The statement came after Wickremesinghe gazetted orders late on Sunday for a state of emergency in the crisis-hit country, 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.Reuters)
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)