India has reiterated its willingness to play a ‘constructive role’ in supporting Sri Lanka’s efforts for recovery from the worst economic crisis, said India’s Deputy High Commissioner Vinod K Jacob while addressing the inauguration ceremony of the Construction, Power, and Energy Expo 2023 in Colombo on Friday. He said that recent developments in India-Sri Lanka … Read more
Pakistan took the crown for Asia’s fastest inflation from Sri Lanka as a weaker currency and rising food and energy costs drove price gains to a record in April. Consumer prices rose 36.4% in April from a year earlier, the highest since 1964, according to data released by the statistics department Tuesday. That compares with … Read more
The visiting IMF delegation is expected to conclude talks with the Sri Lankan government and make a formal announcement on Thursday on the much-awaited bailout package and staff-level agreement for the cash-strapped island nation, media reports said on Wednesday. Sri Lanka is going through its worst economic crisis since its independence in 1948 which was … Read more
Russia’s war in Ukraine, which has caused a humanitarian crisis and convulsed global financial markets, is now threatening to crush an $81 billion economy more than 4,000 miles away in the Indian Ocean. Hit by soaring oil import costs and a dip in tourism revenue, Sri Lanka is racing to avert a default amid dwindling … Read more