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Sri Lankan Economic Crisis Inflicted by Self-Serving Elite

By Anis Chowdhury and Jomo Kwame Sundaram Sri Lanka has just defaulted on its foreign debt for the very first time. Attributing its current predicament to a Chinese ‘debt-trap’ is a new Cold War…

World Bank deeply concerned about the uncertain economic outlook in Sri Lanka and its impact on people

Sri Lanka’s economic outlook is highly uncertain due to fiscal and external imbalances. Urgent policy measures are needed to address the high levels of debt and debt service, reduce the…

Sri Lanka unilaterally suspends external debt payments, says needs money for essentials

(Reuters) – Sri Lanka’s central bank said on Tuesday it had become “challenging and impossible” to repay external debt, as it tries to use its dwindling foreign exchange reserves to…

As ‘economic catastrophe’ looms, private sector demands immediate action from policymakers

23 industry associations, representing private sector firms engaged in export, import andlogistics industries warned of catastrophic consequences for Sri Lanka’s economy and the people if the ongoing economic and political…

Sri Lanka focus on ‘homegrown solutions’ to settle $6.9 billion external debt servicing obligations for 2022

Sri Lanka will focus on ‘homegrown solutions’ to settle $6.9 billion external debt servicing obligations for 2022 with nearly half of these obligations falling within the 1st quarter of the…

The Central Bank publishes “Recent Economic Developments: Highlights of 2021 and Prospects for 2022″

The Central Bank of Sri Lanka today published “Recent Economic Developments: Highlights of 2021and Prospects for 2022” online with an overview of the performance of the Sri Lankan economy in…

Sri Lanka’s rising food prices belies deeper economic issues

By Dushni Weerakoon Sri Lanka recently passed emergency regulations to deal with food shortages and price increases. Such powers are typically invoked to address public security concerns. But in this instance, they…

Sri Lanka: Chinese come calling

by Col R Hariharan Chinese defence minister’s visit  The recently held Quad summit, which transformed an informal framework of the US, India, Japan, and Australia, into a formal grouping with…

China approves $1.5 billion currency swap with Sri Lanka

(Reuters) – China has approved a 10 billion yuan ($1.54 billion) currency swap with Sri Lanka, a government spokesman in Colombo said on Wednesday. The deal will allow the island…

Sri Lanka seeks $2.2 bn from China as reserves shrink

Sri Lanka is seeking $2.2 billion from Chinese banks, the government said Thursday, in echoes of a borrowing binge more than a decade ago that resulted in the country having…