Nepal has banned the imports of luxury items. This comes after the country's Central Bank Governor was suspended. Is Nepal staring at an economic crisis? Molly Gambhir tells you.

Gravitas: Why was the central bank governor sacked in Nepal?

Sri Lanka has decided to temporarily suspend foreign debt payments. Will this decision lead to default? Molly Gambhir brings you a report

Gravitas: Has Sri Lanka defaulted on its entire $51 billion debt?

After Pakistan and Sri Lanka, the Himalayan Kingdom of Nepal is also facing financial problems. The country is facing a forex exchange crisis, it has already suspended Central Bank Governor as the bank had earlier announced a ban on import of vehicles and other luxury items.

Nepal bans import of luxury items, suspends Central Bank governor

Sri Lanka announced on Tuesday that it would be defaulting on all of its external debt of $51 billion, after running out of foreign exchange for imports. Colombo called the move a "last resort."

Sri Lanka announces defaults on $51 bn external debt

After Sri Lanka, Nepal seems to be staring into an impending economic crisis. the country has put a curb on the imports of non-essential goods, including cars, cosmetics, and gold, after its foreign currency reserves dropped.

Nepal bans imports of luxury items amid dwindling forex reserves

Sri Lanka's Prime Minister Mahinda Rajapaksa pleaded for patience as thousands continued to take to the streets to protest his rule.

Sri Lankan citizens run short on food, basic needs, PM appeals for patience from protesters

Sri Lanka's economic crisis worsens as the country has announced that it is defaulting on all its external debts. This comes after the country suspended foreign debt payments to avoid a hard default since its limited foreign reserves are required for imports of essential items

Sri Lanka economic crisis worsens, country defaults on all external debts

In a bid to resolve the crisis, Sri Lanka's central bank is expediting the debt restructuring process the organization will also seek financial assistance from the International Monetary Fund, the country is nearly seven billion dollars in foreign debt obligations for this year alone.

Sri Lanka to seek US$ 3 billion to stave off economic crisis, readies for negotiations with IMF

PMLN Chief Shehbaz Sharif becomes Pakistan’s new Prime Minister replacing Imran Khan. Sharif says that resolving Kashmir issue will help India, Pakistan prosper. What will Sharif do differently in order to tide over the economic crisis which is going to be the most immediate challenge

Shehbaz Sharif after assuming charge: Resolving Kashmir issue will help India, Pak prosper

<p>In the largest-ever exodus of Sri Lankan nationals since the start of the economic crisis in the island nation, 19 persons arrived in Tamil Nadu's Ramanathapuram district on Sunday.&nbsp;</p>

<p>This has taken the total number of persons who fled the island and reached India via sea route to 39. Earlier, persons from the Northern part of the island nation had arrived in two groups of sixteen and four.&nbsp;</p>

<p><strong>Also read |&nbsp;<a href="https://www.wionews.com/world/sri-lanka-doctors-warn-that-economic-crisis-would-have-a-even-higher-toll-than-covid-19-pandemic-470133" hreflang="en">Sri Lanka doctors warn that economic crisis would have higher death toll than COVID-19 pandemic</a></strong></p>

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<p dir="ltr" lang="en">The group which is said to comprise of members from a few families includes babies and children.. all of them took the dangerous boat ride across the palk strait to reach <a href="https://twitter.com/hashtag/Tamilnadu?src=hash&amp;ref_src=twsrc%5Etfw">#Tamilnadu</a> shores<br />
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Some families sold all belongings to manage funds to flee island nation <a href="https://t.co/mvrPzdfw5v">https://t.co/mvrPzdfw5v</a> <a href="https://t.co/PovFi7rtEI">pic.twitter.com/PovFi7rtEI</a></p>
— Sidharth.M.P (@sdhrthmp) <a href="https://twitter.com/sdhrthmp/status/1513392416736542721?ref_src=twsrc%5Etfw">April 11, 2022</a></blockquote>
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<p>The group of 19 members consists of seven women and five children. It is said that they arrived in two boats and were stuck near a point known as Arichal Munai, from where they were rescued by Tamil Nadu Coastal police and taken to Mandapam, near Rameswaram.</p>

<p><strong>Watch |&nbsp;Sri Lanka to seek US$ 3 billion to stave off economic crisis, readies for negotiations with IMF</strong></p>

<p><iframe allowfullscreen="" autoplay="1" frameborder="0" height="350" src="https://www.wionews.com/videos/sri-lanka-to-seek-us-3-billion-to-stave-off-economic-crisis-readies-for-negotiations-with-imf-470096/embed" width="560"></iframe></p>

<p>This exodus is happening at a time when the fast-deteriorating economic and political crisis in Sri Lanka has led thousands from across the country to take to the streets in protest against the ruling Rajapaksa clan.&nbsp;</p>

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<p dir="ltr" lang="en">Signal jammers used, roads blocked, yet sea of humanity converged at Galle face (most iconic sea-facing road) in <a href="https://twitter.com/hashtag/Colombo?src=hash&amp;ref_src=twsrc%5Etfw">#Colombo</a> <a href="https://twitter.com/hashtag/SriLanka?src=hash&amp;ref_src=twsrc%5Etfw">#SriLanka</a> , in protest against the ruling <a href="https://twitter.com/hashtag/Rajapaksa?src=hash&amp;ref_src=twsrc%5Etfw">#Rajapaksa</a> clan, asking them to go home<br />
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No stopping public anger&amp; anti-govt sentiment<a href="https://twitter.com/hashtag/SriLankaCrisis?src=hash&amp;ref_src=twsrc%5Etfw">#SriLankaCrisis</a> <a href="https://twitter.com/hashtag/SriLankan?src=hash&amp;ref_src=twsrc%5Etfw">#SriLankan</a> <a href="https://t.co/iU2iSLMdQU">pic.twitter.com/iU2iSLMdQU</a></p>
— Sidharth.M.P (@sdhrthmp) <a href="https://twitter.com/sdhrthmp/status/1512995217108246530?ref_src=twsrc%5Etfw">April 10, 2022</a></blockquote>
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<p>While people across sections of Lankan society are facing hardships owing to a shortage of essential commodities and widespread power cuts, it's the poor that are the worst hit owing to the skyrocketing prices and stagnant wages. For context, a cup of tea costs 100 Sri Lankan Rupees in the island nation (Equal to Indian Rs. 33).</p>

<p><strong>Also read |&nbsp;<a href="https://www.wionews.com/south-asia/sri-lankas-president-gotabaya-rajapaksa-to-hold-crucial-meeting-with-41mps-470002" hreflang="en">Sri Lanka's President Gotabaya Rajapaksa to hold crucial meeting with 41MPs</a></strong></p>

<p>This has forced groups of people to sell or leave behind their belongings in the northern and northeastern parts of the island, collect some money and use it to flee to Tamil Nadu. They take immense risks crossing the Palk Strait the narrow sea lane that connects India and Sri Lanka, in the hope of being supported by the Indian authorities and being put in refugee camps.&nbsp;</p>


In the largest-ever exodus of Sri Lankan nationals since the start of the economic crisis in the island nation, 19 persons arrived in Tamil Nadu's Ramanathapuram district on Sunday.

In the largest-ever exodus of Sri Lankan nationals since the start of the economic crisis in the island nation, 19 persons arrived in Tamil Nadu's Ramanathapuram district on Sunday. This has taken the total number of persons who fled the island and reached India via sea route to 39. Earlier, persons from the Northern part of the island nation had arrived in two groups of sixteen and four. Also read | Sri Lanka doctors warn that economic crisis would have higher death toll than COVID-19 pandemic The group which is said to comprise of members from a few families includes babies and children.. all of them took the dangerous boat ride across the palk strait to reach #Tamilnadu shores Some families sold all belongings to manage funds to flee island nation https://t.co/mvrPzdfw5v pic.twitter.com/PovFi7rtEI — Sidharth.M.P (@sdhrthmp) April 11, 2022 × The group of 19 members consists of seven women and five children. It is said that they arrived in two boats and were stuck near a point known as Arichal Munai, from where they were rescued by Tamil Nadu Coastal police and taken to Mandapam, near Rameswaram. Watch | Sri Lanka to seek US$ 3 billion to stave off economic crisis, readies for negotiations with IMF This exodus is happening at a time when the fast-deteriorating economic and political crisis in Sri Lanka has led thousands from across the country to take to the streets in protest against the ruling Rajapaksa clan. Signal jammers used, roads blocked, yet sea of humanity converged at Galle face (most iconic sea-facing road) in #Colombo #SriLanka , in protest against the ruling #Rajapaksa clan, asking them to go home No stopping public anger& anti-govt sentiment#SriLankaCrisis #SriLankan pic.twitter.com/iU2iSLMdQU — Sidharth.M.P (@sdhrthmp) April 10, 2022 × While people across sections of Lankan society are facing hardships owing to a shortage of essential commodities and widespread power cuts, it's the poor that are the worst hit owing to the skyrocketing prices and stagnant wages. For context, a cup of tea costs 100 Sri Lankan Rupees in the island nation (Equal to Indian Rs. 33). Also read | Sri Lanka's President Gotabaya Rajapaksa to hold crucial meeting with 41MPs This has forced groups of people to sell or leave behind their belongings in the northern and northeastern parts of the island, collect some money and use it to flee to Tamil Nadu. They take immense risks crossing the Palk Strait the narrow sea lane that connects India and Sri Lanka, in the hope of being supported by the Indian authorities and being put in refugee camps.

19 Sri Lankans flee economic crisis, reach India after dangerous boat ride

<p>Sri Lankan physicians warned on Sunday that life-saving drugs were running scarce and that the island nation's economic woes were threatening to kill more people than the coronavirus pandemic&nbsp;outbreak.</p>

<p>According to an AFP report, the Sri Lanka Medical Association (SLMA) said that hospitals in the country were no longer able to acquire imported medical tools and essential pharmaceuticals.</p>

<p><strong>Also read |&nbsp;<a href="https://www.wionews.com/south-asia/sri-lankas-president-gotabaya-rajapaksa-to-hold-crucial-meeting-with-41mps-470002" hreflang="en">Sri Lanka's President Gotabaya Rajapaksa to hold crucial meeting with 41MPs</a></strong></p>

<p>Several hospitals have already halted routine surgeries due to a dangerous shortage of anaesthetics, but the SLMA warned that even emergency procedures may not be viable soon.</p>

<p>"We are made to make very difficult choices. We have to decide who gets treatment and who will not," the organisation said on Sunday as&nbsp;they released a letter they&nbsp;had sent President Gotabaya Rajapaksa a few days earlier, warning him about the situation.</p>

<p><strong>Watch |&nbsp;Sri Lanka to seek US$ 3 billion to stave off economic crisis, readies for negotiations with IMF</strong></p>

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<p>"If supplies are not restored within days, the casualties will be far worse than from the pandemic."</p>

<p>Weeks of power outages, as well as severe shortages of food, fuel, and pharmaceuticals, have caused havoc on Sri Lanka's economy, which is undergoing its worst slump since 1948.</p>

<p>Government mismanagement, years of accumulated debt, and ill-advised tax cuts, according to economists, have aggravated Sri Lanka's dilemma say experts.</p>

<p><strong>Also read |&nbsp;<a href="https://www.wionews.com/south-asia/sri-lanka-seeking-3-billion-in-months-to-stave-off-crisis-finance-minister-469713" hreflang="en">Sri Lanka seeking $3 billion in months to stave off crisis: Finance minister</a></strong></p>

<p>Large rallies calling for Rajapaksa's resignation have erupted as public outrage over the crisis grows.</p>

<p>Rajapaksa's government is seeking an IMF bailout to help the country escape the crisis, which has seen food prices spike and the local currency lose a third of its value in the last month.</p>

<p>On Friday, Ali Sabry, the island's new finance minister, told parliament that he expects IMF will provide $3 billion in support for the island's balance of payments over the next three years.&nbsp;On Saturday, business leaders joined calls for the president to resign, claiming that the island's persistent fuel shortages had caused their enterprises to lose money.</p>

<p>Sri Lanka is struggling to service its mounting $51 billion international debt due to a catastrophic lack of foreign cash, with the pandemic jeopardising essential revenue from tourism and remittances.</p>

<p><em>(With inputs from agencies)</em></p>


Sri Lankan physicians warned on Sunday that life-saving drugs were running scarce and that the island nation's economic woes were threatening to kill more people than the coronavirus pandemic outbreak.

Sri Lankan physicians warned on Sunday that life-saving drugs were running scarce and that the island nation's economic woes were threatening to kill more people than the coronavirus pandemic outbreak. According to an AFP report, the Sri Lanka Medical Association (SLMA) said that hospitals in the country were no longer able to acquire imported medical tools and essential pharmaceuticals. Also read | Sri Lanka's President Gotabaya Rajapaksa to hold crucial meeting with 41MPs Several hospitals have already halted routine surgeries due to a dangerous shortage of anaesthetics, but the SLMA warned that even emergency procedures may not be viable soon. "We are made to make very difficult choices. We have to decide who gets treatment and who will not," the organisation said on Sunday as they released a letter they had sent President Gotabaya Rajapaksa a few days earlier, warning him about the situation. Watch | Sri Lanka to seek US$ 3 billion to stave off economic crisis, readies for negotiations with IMF "If supplies are not restored within days, the casualties will be far worse than from the pandemic." Weeks of power outages, as well as severe shortages of food, fuel, and pharmaceuticals, have caused havoc on Sri Lanka's economy, which is undergoing its worst slump since 1948. Government mismanagement, years of accumulated debt, and ill-advised tax cuts, according to economists, have aggravated Sri Lanka's dilemma say experts. Also read | Sri Lanka seeking $3 billion in months to stave off crisis: Finance minister Large rallies calling for Rajapaksa's resignation have erupted as public outrage over the crisis grows. Rajapaksa's government is seeking an IMF bailout to help the country escape the crisis, which has seen food prices spike and the local currency lose a third of its value in the last month. On Friday, Ali Sabry, the island's new finance minister, told parliament that he expects IMF will provide $3 billion in support for the island's balance of payments over the next three years. On Saturday, business leaders joined calls for the president to resign, claiming that the island's persistent fuel shortages had caused their enterprises to lose money. Sri Lanka is struggling to service its mounting $51 billion international debt due to a catastrophic lack of foreign cash, with the pandemic jeopardising essential revenue from tourism and remittances. (With inputs from agencies)

Sri Lanka doctors warn that economic crisis would have higher death toll than COVID-19 pandemic

The Rajapaksa Government faces biggest street protest in Colombo against the economic and political crisis in Sri Lanka. In a bid to resolve the crisis, country's central bank is expediting the debt restructuring process, the organization will also seek financial assistance from the IMF

Dire economic and political crisis grip Sri Lanka, country readies to negotiate with IMF

Sri Lanka has doubled the interest rates to tame inflation. There's an unprecedented 700 basis point hike by the Central bank. The rate for deposits has increased to 13.5%. To get more perspective, watch this report by Dasuni Athauda.

Crisis-hit Sri Lanka doubles interest rates to tame inflation

No Food, No Fuel School cancels exams over paper shortage Hospitals run out of life-saving drugs But President Gotabaya Rajapaksa won't resign. What went wrong? Decode the Sri Lanka crisis with our experts Ambika Satkunanathan, Shanakiyan Rajaputhiran & Ranil Wickremesinghe

Sri Lanka Crisis Decoded | WION Wideangle

In an exclusive conversation, our Sri Lanka correspondent Dasuni spoke with Jeevan Thondaman who is a member of the parliament of Sri Lanka. He was appointed as the president's youngest state minister but recently he has resigned amid the Sri Lankan crisis.

Sri Lanka crisis & chaos: Sri Lanka's MP Jeevan Thondaman speaks to WION

Arjuna Ranatunga, legendary Sri Lankan cricketer and former minister, spoke with WION's Dasuni in an exclusive interview, sharing his thoughts on the worsening economic and political crisis in the country.

Sri Lanka Crisis: WION speaks to Sri Lankan cricket legend Arjuna Ranatunga

President Rajapaksa refuses to step down. Sri Lanka Parliament speaker Mahinda Yapa Abeywardena issues grim warning says that food, gas and electricity shortages will get worse and there will be very acute food shortages and starvation

Sri Lanka Political Chaos: President Rajapaksa refuses to step down

For the past week Sri Lanka has witnessed massive protests as anger over the government's mismanagement of the country's economic crisis spilled onto the streets. Sri Lankans have made that dissatisfaction against the president clear but Gotabaya Rajapaksa has refused to step down. In the latest a senior Sri Lankan lawmaker has issued a rather grim warning speaker.

Sri Lanka economic crisis: 'Food and fuel shortages will worsen,' warns SL minister

Sri Lanka Parliament speaker Mahinda Yapa Abeywardena issues grim warning says that food, gas and electricity shortages will get worse and there will be very acute food shortages and starvation

Sri Lankan Lawmaker issues grim warning says food, gas & electricity shortages will get worse

Sri Lankan President Gotabaya Rajapaksa is now being forced to lift the state of emergency. However, the anti-Rajapaksa protests continue over power cuts, food shortage. The island nation is also facing economic crisis and fallout on tourism.

Sri Lanka's economic crisis and fallout on tourism and more

In a latest update from Sri Lanka President Gotabaya Rajapaksa will not be resigning. Parliament Speaker Mahinda Yapa Abeywardena says can't ask President to quit. However, the anti-Rajapaksa protests continue over power cuts, food shortage. The island nation is also facing economic crisis and fallout on tourism.

Sri Lanka economic crisis: "Can't ask President to quit" says Parliament Speaker

In a latest update from Sri Lanka President Gotabaya Rajapaksa will not be resigning. However, the anti-Rajapaksa protests continue over power cuts, food shortage. The island nation is also facing economic crisis and fallout on tourism.

Sri Lanka Chaos: President Rajapaksa won't be resigning, demonstrations intensify

Sri Lanka Opposition leader Sajith Premadasa hits out at the Rajapaksa government, says not willing to form Unity Government with corrupt people under any circumstances. Protests continue over power cuts, food shortage.

Economic crisis in Sri Lanka triggers political chaos, new finance minister resigns

Sri Lanka Chaos: Protests continue over power cuts, food shortage

Sri Lanka Opposition leader Sajith Premadasa hits out at the Rajapaksa government, says not willing to form Unity Government with corrupt people under any circumstances.

"Not willing to form Unity Government with corrupt people"- Sri Lanka Opposition leader

The economic mismanagement is threatening the political stability of the Gotabaya Rajapaksa government. Sri Lanka's entire cabinet has resigned from their posts, this is except the president Gotabaya Rajapaksa and PM Mahinda Rajapaksa amid the most painful economic downturn. For more on this we are joined by our correspondent Dasuni Ahauda and Dr Aruna Kulatunga, political analyst.

Economic Crisis: Sri Lankan cabinet resigns en masse | Dr Aruna Kulatunga Exclusive

The economic mismanagement is threatening the political stability of the Gotabaya Rajapaksa government. Sri Lanka's entire cabinet has resigned from their posts, this is except the president Gotabaya Rajapaksa and PM Mahinda Rajapaksa amid the most painful economic downturn.

Sri Lanka economic crisis: All 26 ministers submit resignations except Rajapaksa brothers

<p>India will be sending Sri Lanka rice as part of the US$ 1 billion credit facility that was extended by New Delhi in March. The facility was signed during the visit of Sri Lankan Finance Minister Basil Rajapaksa to India last month. The facility is being used to supply essential commodities to the beleaguered country, starting with rice in next few days. &nbsp;</p>

<p>On Saturday, Indian envoy to Colombo Gopal Baglay handed over 40,000 MT of diesel to Sri Lanka's energy minister Gamini Lokuge under Indian assistance through Line of Credit of $500 million. India had offered $500 million line of credit to Sri Lanka for purchase of petroleum products in January. The pact for credit agreement was later signed in February between India's Exim bank and Sri Lankan government. This is the fourth consignment under the fuel Line of Credit, with previous deliveries on March 16, March 20 and March 23. In last 50 days, India has sent 200,000 MT of diesel to the country. &nbsp;</p>

<p><strong>Also Read:&nbsp;<a href="https://www.wionews.com/south-asia/amid-weekend-curfew-sri-lanka-imposes-nationwide-social-media-blackout-shows-network-data-467827" hreflang="en">Amid weekend curfew, Sri Lanka imposes nationwide social media blackout, shows network data</a></strong></p>

<p>All in all, India has extended two key credit lines, the $1 billion for essential commodities, and $500 million to buy petroleum products. The Indian mission in Sri Lanka in a statement said, "In view of the urgent nature of Sri Lanka’s requirement, India worked overtime to expeditiously finalise and start implementing both the lines of credit, within weeks." &nbsp;</p>

<p>Since January, India has provided $2.4 billion financial assistance to the island country as it faces economic crisis. This included, a credit swap of US$ 400 million and deferment of an Asian Clearing Union payment of over US$ 515 million. The country is witnessing economic crisis, prompting the government to impose an emergency. Currently, the country is witnessing a 36-hour curfew, that will come to an end on Monday. &nbsp;</p>

<p><strong>Watch:&nbsp;National Curfew declared in Sri Lanka as protests over economic failure continues</strong></p>

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<p>Last week, India's external affairs minister Dr S Jaishankar was on a visit to Sri Lanka for the Bimstec summit. The visit saw, EAM meeting the top leadership of the country, including the president, prime minister and holding talks with his Sri Lankan counterpart. During his various meetings, he assured India’s continued support in Sri Lanka’s economic recovery process and also virtually inaugurated the Jaffna cultural centre built with Indian support.</p>


India will be sending Sri Lanka rice as part of the US$ 1 billion credit facility that was extended by New Delhi in March. The facility was signed during the visit of Sri Lankan Finance Minister Basil Rajapaksa to India last month.

India will be sending Sri Lanka rice as part of the US$ 1 billion credit facility that was extended by New Delhi in March. The facility was signed during the visit of Sri Lankan Finance Minister Basil Rajapaksa to India last month. The facility is being used to supply essential commodities to the beleaguered country, starting with rice in next few days. On Saturday, Indian envoy to Colombo Gopal Baglay handed over 40,000 MT of diesel to Sri Lanka's energy minister Gamini Lokuge under Indian assistance through Line of Credit of $500 million. India had offered $500 million line of credit to Sri Lanka for purchase of petroleum products in January. The pact for credit agreement was later signed in February between India's Exim bank and Sri Lankan government. This is the fourth consignment under the fuel Line of Credit, with previous deliveries on March 16, March 20 and March 23. In last 50 days, India has sent 200,000 MT of diesel to the country. Also Read: Amid weekend curfew, Sri Lanka imposes nationwide social media blackout, shows network data All in all, India has extended two key credit lines, the $1 billion for essential commodities, and $500 million to buy petroleum products. The Indian mission in Sri Lanka in a statement said, "In view of the urgent nature of Sri Lanka’s requirement, India worked overtime to expeditiously finalise and start implementing both the lines of credit, within weeks." Since January, India has provided $2.4 billion financial assistance to the island country as it faces economic crisis. This included, a credit swap of US$ 400 million and deferment of an Asian Clearing Union payment of over US$ 515 million. The country is witnessing economic crisis, prompting the government to impose an emergency. Currently, the country is witnessing a 36-hour curfew, that will come to an end on Monday. Watch: National Curfew declared in Sri Lanka as protests over economic failure continues × Last week, India's external affairs minister Dr S Jaishankar was on a visit to Sri Lanka for the Bimstec summit. The visit saw, EAM meeting the top leadership of the country, including the president, prime minister and holding talks with his Sri Lankan counterpart. During his various meetings, he assured India’s continued support in Sri Lanka’s economic recovery process and also virtually inaugurated the Jaffna cultural centre built with Indian support.

Amid economic crisis, India to send rice to Sri Lanka as part of credit facility  

In Sri Lanka, economic crisis is affecting everyday life of Sri Lankans. They're facing power cuts and disrupted water supply. Watch this report by Dasuni from Colombo.

Sri Lanka's growing economic crisis causes daily power cuts & disrupted water supply

The entire government in Sri Lanka is controlled by one family, the Rajapaksas. To get detailed view on current situation of Sri Lanka, WION spoke to Batticaloa District MP Shanakiyan Rasamanickam.

Sri Lanka's economic crisis: WION speaks to Batticaloa District MP Shanakiyan Rasamanickam

Sri Lanka’s economic crisis worsens. Island nation's President has declared a state of emergency, giving sweeping powers to security forces a day after hundreds tried to storm his house in anger over an unprecedented economic crisis. WION exclusively speaks to former Sri Lankan Prime Minister Ranil Wickremesinghe for more perspective.

The Interview: Exclusive conversation with former Sri Lankan PM Ranil Wickremesinghe

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