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.
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.
Amid the economic crisis in Sri Lanka, former cricketer Roshan Mahanama has urged his countrymen to look after each other during the difficult times as he himself was seen serving tea and buns to people waiting in long queues at the petrol station around Ward Place and Wijerama Mawatha regions of the island nation. The economic crisis has led to an acute shortage of essential items like food, medicine, cooking gas and other fuel, toilet paper and even matches.
Exchange rate management has become a frontline issue in Bangladesh in recent times. The sharp rise in the price of the dollar and the significant decline in the foreign exchange reserves within a short span of time have sent shock waves across the economy.
With the economic crisis in Sri Lanka fuelling deplorable conditions, a widespread protest movement has emerged across the island nation, led mostly by its youth.
Finance Minister AHM Mustafa Kamal today said there is nothing to worry about Bangladesh's foreign debt as the annual repayment amount is equivalent to only two months' remittance income of the country.
Sri Lanka is going through a period of political unrest amid its ongoing economic crisis.
A Sri Lankan court on Thursday banned former prime minister Mahinda Rajapaksa, his politician son Namal and 15 allies from leaving the country over violence against anti-government demonstrators.
It is not unknown in history that a single ruler was the cause of a nation’s downfall, the obvious case in modern times being Adolf Hitler—an elected leader—one of the best known among a collection of reviled names scattered throughout history as examples of the evil that power can degenerate into.
